The government is reportedly set to rewrite the 'Saemangeum Master Plan.'
According to the ruling party on the 29th, Prime Minister Han Duck-soo instructed the Ministry of Land, Infrastructure and Transport and the Saemangeum Development Agency to clearly reset the goals at this point in time to ensure that the Saemangeum social overhead capital (SOC) construction project yields definite economic benefits.
Under the Yoon Suk-yeol administration, private capital industrial investments totaling 6.6 trillion won have been made in the Saemangeum development project. However, there have been repeated changes to the total project cost and plans, as well as jurisdictional disputes, leading to criticism that the project execution has fallen short of expectations.
In particular, there have been suggestions to adjust the detailed plans to create synergy with the private investments confirmed under the Yoon Suk-yeol administration.
The Ministry of Land, Infrastructure and Transport plans to immediately conduct a research project to review the appropriateness of the SOC, complete it by the first half of next year, and reestablish the master plan by 2025.
Even before the new master plan is finalized, the government intends to continue providing seamless support for essential projects necessary to assist companies moving into the Saemangeum industrial complex and to attract private investment. A government official stated, "The Saemangeum master plan has been periodically updated every 5 to 10 years depending on changes in the economic situation," adding, "It is unrelated to the Jamboree event."
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