Ministry of Land, Infrastructure and Transport Establishes Overseas Urban Development Strategy Support Team to "Improve Contract Acquisition Structure"

The Ministry of Land, Infrastructure and Transport announced on the 23rd that it will establish and operate the 'Overseas Urban Development Strategy Support Team' (hereinafter referred to as the Overseas Urban Team) starting from the 24th.

Ministry of Land, Infrastructure and Transport / Photo by Hyunmin Kim kimhyun81@

The Overseas Urban Team was created to activate the acquisition of overseas urban development projects in response to global population growth and urbanization. The Ministry plans to link government policy support programs such as Official Development Assistance (ODA) and urban development project acquisitions in key partner countries, centered on the Overseas Urban Team from the early stages of projects. It will also strengthen government-to-government (G2G) cooperation for project discovery, land acquisition, and support for permits and approvals.

The Overseas Urban Team is expected to support new town development projects in Asia and Africa. In Vietnam, in June last year, under the presence of the heads of state of both countries, Korea Land and Housing Corporation (LH) signed the 'Urban Growth Partnership Program' with local provinces in Vietnam, and cooperation discussions are underway regarding the new capital project in Indonesia. Rwanda, where a ministerial-level project support team was recently dispatched, is carrying out the Green City project within its capital, Kigali. Earlier this year, smart city cooperation was also discussed with the United Arab Emirates (UAE) concerning urban planning in Abu Dhabi.

Park Sang-woo, Minister of Land, Infrastructure and Transport, said, "Since many countries worldwide face housing shortages, the overseas urban development market is vast. By effectively combining housing and urban know-how with smart cities, we can create a large market. From project discovery to commercialization negotiations and financing, the public sector will lead each stage to reduce the risks for private sector entry and improve the overseas construction order structure, which has been centered on subcontracting projects."