Yoon: "GTX Will Change Economic Landscape... Also Help Stabilize Housing Prices"

Visit to Dongtan Station for GTX-A Opening in March Next Year
President Yoon Holds Metropolitan Transportation Public Forum

President Yoon Suk-yeol stated on the 6th that the metropolitan area express railroad (GTX) will transform the economic landscape, saying, "Since housing demand is based on a hyper-connected metropolitan economic living zone, if housing demand disperses over a wider area, it will greatly help stabilize housing prices."

On the same day, President Yoon visited Dongtan Station in Hwaseong City, Gyeonggi Province, to inspect the GTX-A line site ahead of its scheduled opening in March next year. While meeting with residents of the metropolitan area and experts inside the GTX train, he said, "GTX can be described as building a hyper-connected metropolitan economic living zone that connects the metropolitan economic living area."

[Image source=Yonhap News]

President Yoon first stated, "GTX-A will be extended to Pyeongtaek, B to Chuncheon, and C to Cheonan-Asan," adding, "So we plan to complete A, B, and C lines quickly, and I also mentioned establishing the D line, which connects the southern metropolitan area east-west from Gimpo, the E line connecting Incheon to Guri and Namyangju in the northern metropolitan area, and the F line, a circular route for metropolitan hub areas."

He continued, "Originally, the GTX-A, B, and C lines were scheduled to be completed after 2028, but we will accelerate the process. The A line will open first from Suseo to Dongtan in March next year, the B line will start early next year, and construction on the C line will begin by the end of this year," adding, "As for the D, E, and F lines, I will complete all procedures including the preliminary feasibility study (PFS) during my presidential term and prepare so that construction can start immediately."

He introduced that the formation of a hyper-connected metropolitan economic living zone will bring changes to the economic landscape. President Yoon said, "Not only Seoul-Gyeonggi-Incheon, but since it connects to Cheonan-Asan and Chuncheon, we have a plan to enable commuting within 30 minutes across Gangwon and Chungcheong provinces, and within one hour for the entire region north of the central area," adding, "This will greatly change the economic landscape in terms of transportation convenience, real estate, and industry."

He added, "Many jobs will be created in northern Gyeonggi, Gangwon, and Chungcheong areas, and new housing supply around station areas will be very active," emphasizing, "Also, since housing demand is based on a hyper-connected metropolitan economic living zone, dispersing housing demand over a wider area will greatly help stabilize housing prices." According to an analysis by the Korea Transport Institute, the direct employment effect from GTX construction alone is expected to be 210,000 jobs, with a direct production inducement of 30 trillion won and a social cost reduction effect of 50 trillion won.

He also announced plans to reduce the fare burden for citizens using the GTX-A line. President Yoon said, "The GTX-A line takes 19 minutes from Dongtan to Suseo. Due to the nature of the high-speed train, there are only about two stops. At the initial opening, it will only stop at Seongnam, and since Yongin station is not yet ready, the fare is expected to be around 4,000 won, which is somewhat expensive for ordinary people. Therefore, for commuters, a 20% discount will be applied; for students commuting to and from school, a 30% discount; and for low-income and disadvantaged citizens, a maximum discount of about 53% will be applied differentially. The remaining cost will be supported by central and local government budgets," he explained. If the K-Pass, scheduled to be implemented in the first half of next year, is used, users can receive refunds corresponding to the discount rates mentioned by President Yoon.

President Yoon encouraged the site managers and construction personnel dedicated to preparing for the GTX-A opening, as well as the train drivers and related staff, urging them to prioritize safety and thoroughly conduct safety inspections.

Meanwhile, the presidential office explained that this event was part of President Yoon's visits to the field following the emergency economic and livelihood meeting held in a town hall format on the 1st, and attendance at the Korea Small Business Conference on the 3rd. About 20 residents from various metropolitan areas including Dongtan New Town, Incheon, Paju, and Seoul attended the event.

[Image source=Yonhap News]