Ando-geol, 2nd Vice Minister of Strategy and Finance, Holds 'Busan·Ulsan·Gyeongnam Regional Budget Council'
Ando-geol, 2nd Vice Minister of the Ministry of Economy and Finance. (Photo by Ministry of Economy and Finance)
[Sejong=Asia Economy Reporter Moon Chaeseok] Ando Geol, Vice Minister of the Ministry of Economy and Finance, stated on the 5th, "We plan to actively discover and promote projects aimed at developing Busan, Ulsan, and Gyeongsangnam-do into a metropolitan economic zone that can compete with the Seoul metropolitan area." He also mentioned that among the 11 non-capital area metropolitan railway projects included in the '4th National Railway Network Construction Plan,' which involves an investment of about 12 trillion won, the key leading projects by region will be selected within this month.
Vice Minister Ando made these remarks while presiding over the 'Busan-Ulsan-Gyeongnam Regional Budget Council' at Busan City Hall in the morning. This consideration was made in light of the urgent need to prepare countermeasures against regional extinction to revive the weakening driving force of the Korean economy, which is increasingly affected by population aging.
Earlier in June, the government announced plans to invest 12.1 trillion won in non-capital area metropolitan railway projects through the 4th construction plan. Vice Minister Ando said that follow-up procedures such as preliminary feasibility studies and pre-feasibility investigations will be expedited. He added, "We plan to provide focused support in next year’s budget to ensure that the four major non-capital area metropolitan railway projects currently underway can be completed and opened by the target dates."
In the case of the Southeast region, which includes Busan, Ulsan, and Gyeongnam, two projects need to be addressed: the 'Busan~Yangsan~Ulsan' section and the 'Jinyeong~Ulsan' Southeast circular section. Vice Minister Ando mentioned, "To accelerate policy execution, projects where station areas and ancillary business development are possible will be primarily considered for promotion as private investment projects rather than public finance projects."
In addition to railways, Vice Minister Ando said he would assist in the prompt progress of current projects such as ▲the establishment of a seafood food industry cluster (Busan) ▲the construction of an outer ring expressway (Ulsan) ▲the construction of the Namhae-Yeosu (National Route 77) undersea tunnel (Gyeongnam). He also stated that priority support will be given to national balanced development projects such as the Busan New Port-Gimhae Expressway construction and regional balanced New Deal projects like the creation of a self-sufficient new and renewable energy city in the western Busan area.
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