Announcement on the 8th: 'Support Measures for Activating Corporate Investment Projects through Customized Issue Resolution'
The government has decided to significantly simplify the related administrative procedures for the construction of a K-pop concert hall in Hanam City, expected to generate an investment effect of about 2 trillion won. A 'fast-track administrative procedure' has been established to shorten the process, which previously took more than 42 months, to a maximum of 21 months, ensuring that construction begins within 2025.
On the 8th, the government announced this in the 'Support Plan for Activating Corporate Investment Projects through Customized Resolution of Difficulties.' To ensure the smooth progress of the large-scale K-pop concert hall project promoted by Hanam City, a 'fast-track administrative procedure package' will be operated through a consultative body of related agencies. Hanam City anticipates an investment effect of about 2 trillion won, and this collaboration among relevant ministries aims to facilitate the smooth progress of large-scale foreign investment.
Hanam City has hoped to start construction of the concert hall within 2025, but the administrative procedures required were expected to take more than 42 months, making the investment uncertain. For the concert hall site development, it was anticipated that the Ministry of the Interior and Safety’s feasibility evaluation for new investment projects would take 10 months, the Ministry of Land, Infrastructure and Transport’s procedure for lifting the development restriction zone would take 12 months, Gyeonggi Province’s designation of the urban development zone would take 10 months, and the approval of the implementation plan would take another 10 months.
Accordingly, the government plans to simplify the procedures to a maximum of 21 months by applying the 'fast-track.' Through cooperation between Hanam City and the Ministry of the Interior and Safety, the feasibility evaluation for new investment projects by local public enterprises will be prioritized, aiming to reduce the period by about 6 months. Regarding the lifting of the development restriction zone, the central urban planning committee’s review period will be shortened from 12 months to 8 months. The urban development zone designation period will be reduced from 10 months to 3 months.
Additionally, the government is preparing a fast-track to support the early construction of a secondary battery factory within the 3.7 trillion won scale 'Pohang Secondary Battery Specialized Complex.' To enable companies within the site to start construction quickly, changes will be made to the industrial complex plan and the basic management plan. Furthermore, preliminary procedures will be expedited to enable the construction of a world-class art museum branch in Busan, valued at 300 billion won.
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