Ministry of Economy and Finance Holds the 6th Fiscal Project Evaluation Committee Meeting
The underground expressway construction project connecting Hwaseong, Gyeonggi Province, and Seoul has passed the preliminary feasibility study. The project to extend Seoul Subway Line 5 to the Gimpo and Geomdan areas has been selected as a subject for preliminary feasibility study.
Kim Yunsang, Vice Minister of the Ministry of Economy and Finance, is delivering opening remarks at the '6th Fiscal Project Evaluation Committee Meeting of 2024' held on the 22nd at the Seoul Regional Public Procurement Service in Seocho-gu, Seoul. / Photo by Ministry of Economy and Finance
On the 22nd, the Ministry of Economy and Finance held the '6th Fiscal Project Evaluation Committee Meeting of 2024' chaired by Kim Yoon-sang, the 2nd Vice Minister of the Ministry of Economy and Finance, to review and approve the selection of projects subject to preliminary feasibility study, the results of preliminary feasibility studies, and re-evaluation of feasibility.
At this committee meeting, a total of six projects were selected as subjects for preliminary feasibility study to build infrastructure for improving citizens' transportation convenience, revitalizing the regional economy, disaster prevention, and expanding regional medical infrastructure.
The Seoul Subway Line 5 extension project to Gimpo and Geomdan is a project to extend Seoul Subway Line 5 to the Gimpo and Geomdan areas to alleviate traffic congestion on the Gimpo Gold Line and proactively expand the transportation network in line with new town development.
The construction of the Gumi~Gunwi Expressway aims to directly connect the Wonpyeong-dong section of Gumi City on the Gyeongbu Expressway and the Hyoryeong-myeon section of Gunwi County on the Jungang Expressway east-west, enhancing the industrial and logistics competitiveness of the Gumi National Industrial Complex. It is also a project to improve accessibility to the Daegu-Gyeongbuk Integrated New Airport, which is currently being relocated.
The Mokgamcheon Flood Control Project is a project to install a retention basin, a flood control facility, to prevent frequent flood damage in the Mokgamcheon watershed. The double-tracking of the Chungnam Central Region Wide-Area Water Supply is intended to ensure stable water supply in emergencies such as pipeline accidents.
The Chungnam Fisheries Food Cluster Project aims to establish a fisheries food cluster in the central region to foster key fisheries food items and secure global competitiveness through high value-added creation. The relocation and reconstruction project of Geochang Red Cross Hospital aims to create conditions to perform the functions and roles of a regional responsibility medical institution.
At this committee meeting, the passage of preliminary feasibility and re-evaluation for six projects including roads and maintenance was also approved. The Hwaseong~Seoul underground expressway construction is a project to build a deep underground expressway in the section from Giheung Interchange to Yangjae Interchange on the Gyeongbu Expressway, the central axis of the metropolitan area arterial road network. Its purpose is to resolve frequent underground and surface traffic congestion on the Gyeongbu Expressway.
The construction of the Wando~Gangjin Expressway is a project to build a four-lane expressway in the section from Jakcheon-myeon, Gangjin County to Bukpyeong-myeon, Haenam County in the southern region of Jeollanam-do, connecting with the Gangjin~Gwangju line currently under construction, improving access to medical, cultural, and educational facilities in the central and southern regions of Jeollanam-do, and promoting balanced regional development.
The expansion of the Gimje~Samnye Expressway is a project to expand the section expected to see increased traffic in the future to six lanes, in connection with the Saemangeum~Jeonju Expressway and Iksan~Pyeongtaek Expressway currently under construction, as well as the Jeonju and Wanju Innovation Cities and the full-scale development of the Saemangeum project, securing traffic capacity and revitalizing the economy of the Jeonbuk region.
The construction of the Onjeong~Wonnam Nationally Supported Local Road aims to improve the section from Onjeong-myeon to Maehwa-myeon in Uljin County, where the road alignment is poor and the road width is narrow, causing a high risk of traffic accidents and difficulty in smooth vehicle passage, providing transportation convenience to local residents and securing an alternative road for disaster response such as wildfires.
The Next-Generation Local Administration Common System Construction Project aims to improve public services, work processing systems, and system environments by completely rebuilding the aging local administration system. The construction of the National Document Preservation Center involves remodeling the Pyeongchang Winter Olympics International Broadcasting Center into a preservation archive due to saturation of the National Library of Korea's preservation storage.
The Ministry of Economy and Finance plans to promptly proceed with the six projects that have secured feasibility by securing related budgets, and for the six projects selected as subjects for preliminary feasibility study, the investigation agencies will form expert research teams and start the preliminary feasibility studies as soon as possible.
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