7 Regional Demand-Oriented Projects Selected in Samcheok, Gangwon and Okcheon, Chungbuk
3 Investment Promotion Zones Selected in Hoengseong, Gangwon and Eumseong, Chungbuk
The Ministry of Land, Infrastructure and Transport announced on the 12th that it has selected seven sites for the Regional Demand Customized Support Project and three sites for the Investment Leading District to support the improvement of living and residential environments for local residents and to discover and foster regions with development potential. The Regional Demand Customized Support Project is being carried out in places such as Samcheok-si, Gangwon, and Okcheon-gun, Chungbuk, while the Investment Leading Districts have been designated in places such as Hoengseong-gun, Gangwon, and Eumseong-gun, Chungbuk.
Selected Regions and Project Names for the 2024 Regional Development Project Competition. [Data provided by the Ministry of Land, Infrastructure and Transport]
Since 2015, the Ministry of Land, Infrastructure and Transport has been soliciting such regional development projects. The Regional Demand Customized Support Project targets 70 growth promotion areas including cities and counties with small populations and poor infrastructure, aiming to promote development tailored to local conditions. The Investment Leading District is selected to discover regional strategic industries and foster them as growth hubs for the region. This is intended to activate private investment.
This year, up to 2.5 billion KRW is supported per project under the Regional Demand Customized Support Project. Okcheon-gun, selected for this project, plans to transform the idle village grain warehouse 'Daecheongho An-eupchang' into a complex cultural space such as a community center for residents and tourists and a potato and corn-themed plaza. Samcheok-si will create a herb garden and wellness center utilizing the mountain environment in connection with Gagok Sulfur Hot Springs.
The Investment Leading Districts were mainly selected for projects incorporating innovative technologies such as smart agriculture and mobility. The leading districts are broadly divided into development promotion type, applied to underdeveloped areas (growth promotion areas, special situation areas), and hub fostering type, corresponding to hub areas outside underdeveloped regions. Both districts receive a total of 73 types of regulatory exemptions. Underdeveloped areas receive tax reduction benefits and 10 billion KRW in financial support. Hub areas outside underdeveloped regions receive financial support through consultation with the Ministry of Economy and Finance.
Among the Investment Leading Districts, Hoengseong-gun is classified as an underdeveloped area and will receive 10 billion KRW. Through this, it plans to create an advanced mobility complex equipped with e-mobility research and development facilities and electric vehicle battery manufacturing facilities.
Eumseong-gun, a hub area outside underdeveloped regions, will build a green energy smart agricultural town combining eco-friendly energy production facilities such as hydrogen fuel cells and smart farm agricultural complexes.
Ahn Se-chang, Director of Land Policy at the Ministry of Land, Infrastructure and Transport, said, "We will continue to actively support efforts to restore vitality to local areas in response to the crisis of regional extinction."
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