Won Hee-ryong, Minister of Land, Infrastructure and Transport, "Future Mobility Innovation Roadmap to be Announced in August"

[Image source=Yonhap News]

Policies Contrary to Market Principles Are Bound to Fail

Normalization of All Regulations Including Real Estate Taxes and Finance

Launch of Future Mobility Innovation Committee

Connecting Cities through Metropolitan Transportation Network

[Asia Economy, Reporter Ryu Tae-min] Won Hee-ryong, Minister of Land, Infrastructure and Transport, announced that he will unveil an 'Innovation Roadmap' in August to leap forward as a leading nation in future mobility.

Minister Won stated at the Kwanhun Forum held at the Korea Press Center in Jung-gu, Seoul on the 29th, "We will soon launch a Mobility Innovation Committee composed of top private experts, and in August, we will present the Future Mobility Innovation Roadmap to show our vision and concrete plans."

He added, "We will boldly invest in mobility sectors such as autonomous vehicles and urban air mobility (UAM), which will drive the nation's future, and nurture them as strategic national industries."

Minister Won emphasized the normalization of all regulations including real estate taxes and finance. He pointed out, "The previous government only tried to suppress housing demand through punitive taxation and financial regulations that even blocked home ownership. Such policies contrary to market principles were bound to fail." He continued, "We will normalize all regulations so that real estate taxes align with tax justice and financial regulations fulfill their original roles."

Regarding the '2.5 million housing supply plan' scheduled for announcement in August, he said, "Beyond the quantitative goal of 2.5 million units, we will present an innovative housing supply model that improves housing quality and considers living conveniences such as transportation and education."

In particular, for rental housing, he promised to provide various residential models combined with living services. Minister Won stated, "To eliminate social discrimination and stigma, we will promote social integration (Social-Mix) between rental and sale housing."

Minister Won also viewed balanced national development and innovation of urban spaces as key new policy tasks for the Ministry of Land, Infrastructure and Transport. He said, "We will create growth hubs where people, capital, and jobs gather to condense the functions of local cities, and tightly connect these condensed cities through the establishment of metropolitan transportation networks."

The Ministry plans to actively incorporate opinions from private experts and youth in the policy-making process going forward. Minister Won mentioned, "We will ensure that private experts and youth participate in all stages of policy formulation, execution, and evaluation to reflect diverse voices in policies."

Finally, he pledged, "I will devote all my capabilities and experience to transform the Ministry of Land, Infrastructure and Transport’s image from one focused solely on civil engineering and regulation to the most innovative and future-oriented ministry."