To Accelerate Project Speed
Rapid Preliminary Feasibility Study and Priority Review
'Pan-Government Promotion Support Team' Formed, Kickoff Meeting on 31st
The government will select the project implementer participating in the 'National Advanced Industry Belt' development project by next month. For industrial complexes that require rapid project advancement, the preliminary feasibility study by public institutions will be expedited and prioritized to accelerate the project speed.
On the 24th, the Ministry of Land, Infrastructure and Transport announced the 'Detailed Implementation Plan for the National Advanced Industry Belt' jointly with related ministries at the 'Emergency Economic Ministers' Meeting and Export Investment Measures' meeting. This meeting serves as a follow-up to the national advanced industry development plan announced at the 'Emergency Economic Livelihood Meeting' presided over by President Yoon Seok-yeol on the 15th. Regarding this, President Yoon emphasized, "The important thing is speed, and the government must make every effort to ensure that the newly announced national advanced industrial complexes are rapidly promoted."
First, the government plans to complete the selection of project implementers for the new national industrial complexes by next month after consultations with related agencies. Typically, national industrial complexes have been developed by Korea Land and Housing Corporation (LH), but for these new complexes, project implementers will be diversified to include not only LH but also the Korea Rail Network Authority, Korea Water Resources Corporation, and local city and development corporations, considering the location and industrial characteristics of each candidate site.
For industrial complexes requiring rapid project advancement, the preliminary feasibility study by public institutions will be expedited and prioritized to maximize project speed. According to the Public Institution Operation Act, public institutions participating in projects with a total project cost of 200 billion KRW or more and a combined public institution contribution of 100 billion KRW or more must undergo a preliminary feasibility study.
Additionally, in the five major local cities, the government plans to foster advanced industrial hubs by supporting youth and corporate spaces, R&D regulatory sandboxes, etc., through the development of urban convergence special zones. It will also provide linked support for advanced strategic industrial complexes, specialized materials, parts, and equipment complexes, smart innovation districts, and campus innovation parks in candidate or nearby areas to create synergy effects.
Alongside this, a 'Pan-Government Promotion Support Group' will be formed, with a kickoff meeting scheduled for the 31st. The support group will be led by the first vice minister of the Ministry of Land, Infrastructure and Transport and will include related ministries, local governments, and project implementers. Investment companies and the industrial sector will participate from the early stages of industrial complex development. To this end, three subcommittees will be operated: the Permit Promotion Team, Infrastructure Support Team, and Corporate Support Team. The support group plans to provide a 'one-stop service for permits and approvals' to resolve local location regulations such as green belts and to expedite various impact assessments including environmental impact assessments and farmland and forest land conversion. In addition to supporting the construction of essential infrastructure such as water supply, electricity, and access roads, it will also assist in attracting investment companies to the industrial complexes and resolving difficulties faced by companies and the industrial sector.
Minister of Land, Infrastructure and Transport Won Hee-ryong stated, "Regions will select their comparative advantage sectors independently, private companies will establish proactive investment plans, and the government will actively support site development, nurturing policies, and deregulation through a 'tripartite industrial promotion system' to ensure victory in global industrial competition." He added, "Support will be provided to enable the commencement of industrial complex construction by 2026 when rapid project investment is necessary."
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