2022 8th Fiscal Project Evaluation Committee
[Asia Economy Reporter Song Seung-seop] Large-scale transportation and construction projects promoted by local governments have passed the government's preliminary feasibility study. The Baengnyeongdo Small Airport Construction Project and the Incheon-daero Underground Road Construction Project, which had faced several hurdles, are expected to be actively promoted.
Choi Sang-dae, Vice Minister of the Ministry of Economy and Finance, held the "8th Fiscal Project Evaluation Committee of 2022" on the 27th and reviewed and approved the results of the completed preliminary feasibility studies. The Fiscal Project Evaluation Committee passed four projects that underwent economic analysis by the feasibility study institutions (KDI and Korea Institute of Public Finance) and comprehensive evaluation by the "Fiscal Project Evaluation Subcommittee."
The "Baengnyeongdo Small Airport Construction Project," a civil-military dual-use small airport project where 50-seat small aircraft can take off and land, was also approved that day. The committee analyzed that currently it takes 4 hours by ferry from Baengnyeongdo to Incheon Port, but in the future, it will be possible to travel to Gimpo Airport within 1 hour. Travel time from Baengnyeongdo to the Seoul metropolitan area, Chungcheong region, and Gyeongsang region is also expected to be shortened to around 2 hours, enabling inclusion in the nationwide one-day living zone. The total project cost is 201.8 billion KRW, with a completion target by 2029.
The "Second Myeongchon Bridge Road Construction Project," connecting Bangu-dong in Jung-gu, Ulsan, and Samsan-dong in Nam-gu, will also be promoted. In Ulsan, the Taehwa River divides the city north and south, with seven bridges serving as main roads. This project was initiated to disperse the rapidly increasing traffic volume due to recent urban and industrial development. Once the road network is established, the central commercial areas between Nam-gu and Jung-gu will be connected, greatly contributing to regional economic revitalization.
Additionally, the "Gongdan Overpass to Seo Incheon IC Congested Road Construction Project," with a budget of 504.1 billion KRW, was also approved. A four-lane underground road will be newly constructed on the Incheon-daero section between Gajwa IC and Seo Incheon IC, where traffic congestion is severe. On the surface section, the Incheon-daero Generalization Project, which involves creating an urban forest along Incheon-daero, is expected to become feasible.
Furthermore, a project to establish the National Subtropical Arboretum in Wando, Jeollanam-do, with a budget of 147.5 billion KRW, was approved.
Meanwhile, the committee selected eight projects from four ministries?Ministry of Land, Infrastructure and Transport; Ministry of Oceans and Fisheries; Ministry of Education; and Ministry of Agriculture, Food and Rural Affairs?as targets for the 4th preliminary feasibility study of 2022. Among them is the "Hwaseong-Seoul Underground Expressway Construction Project," which will require a budget of 3.8435 trillion KRW over eight years starting in 2024. Upon project approval, a 23.6 km long, four to six-lane underground expressway will be constructed beneath the 26.1 km section of the Gyeongbu Expressway between Giheung IC and Yangjae IC.
The Donghae Line Samcheok-Gangneung High-Speed Project, with a budget of 1.3357 trillion KRW, is also under review. This high-speed project aims to upgrade the aging railway section of the Donghae Line (Busan?Jejin) between Samcheok and Gangneung (45.8 km), which has poor alignment. Currently, except for the Samcheok-Gangneung section, other sections of the Donghae Line have already been upgraded or are undergoing high-speed construction.
A project to build a future-type new smart hospital in Jeollanam-do was also included. The plan involves gradually demolishing the 40-50 year-old Jeonnam National University Hospital and reconstructing the hospital on the same site. This project aims to strengthen the public medical functions and roles in the Gwangju and Jeonnam regions to respond to large-scale infectious diseases. The requested project budget for the preliminary feasibility study is 1.2146 trillion KRW.
Additionally, the extension project of Daegu Line 1 to Yeongcheon, construction of Gukdong Port, establishment of Chungbuk National University Hospital in Chungju, construction of a dedicated wheat storage facility, and the Homigot National Marine Garden project were selected as preliminary feasibility study target projects.
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