December 12 Economic Ministers' Meeting Held
Announcement of Measures to Promote Investment Activation
Identifying and Improving Ineffective Regulations
Regularization of Investment Activation Ministers' Meetings
The government will expand and reorganize the 'Investment Express,' which closely supports projects on-site, to a vice ministerial level to revitalize corporate investment. To open the way for corporate investment, various financial supports will be increased, and regulations will be directly identified and improved. In the process of increasing regional project investments, the LNG terminal to be established in Yeosu, Jeollanam-do, has been designated as a target for the regional revitalization investment fund.
Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance (third from the left), presiding over the Economic Ministers' Meeting held last month at the Government Seoul Office / Photo by Ministry of Economy and Finance
Ministers and Vice Ministers Take Direct Action to Revitalize Corporate Investment
On the 12th, the government held an Economic Relations Ministers' Meeting chaired by Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, at the Government Seoul Office, announcing the 'Plan to Strengthen the Pan-Ministerial Promotion System for Investment Revitalization.' Recognizing that investment revitalization is essential for a swift economic rebound and enhancing growth potential, a systematic support plan at the pan-ministerial level was prepared this time.
Starting next month, to foster an investment-friendly atmosphere, the Deputy Prime Minister and related ministers will jointly hold industry meetings. They will meet with six major economic organizations, including the Korea Chamber of Commerce and Industry and the Korea International Trade Association, to gather opinions on regulatory improvements and government support, and discuss investment difficulties and promotion plans with major companies. They will also review domestic and international trends and prospects with associations from key industries such as semiconductors, batteries, and automobiles.
At the vice ministerial level, various projects will be closely supported and related regulations improved. In this process, the system called Investment Express, which involves visiting project sites directly to collect opinions, will be expanded and reorganized starting this month. Previously, it was mainly conducted by Ministry of Economy and Finance staff, but going forward, the First Vice Minister of Economy and Finance will lead, with participation from vice ministers of related ministries and the Vice Chairman of the Financial Services Commission to directly oversee the sites.
Issues identified on-site will be promptly improved. The government plans to continuously manage and monitor projects until actual investment is completed if projects do not proceed properly due to regulations or disagreements between agencies despite companies' willingness to invest.
Regional Revitalization Investment Fund No. 3: Yeosu LNG Terminal
To expand the investment base, the government will focus on infrastructure construction, financial support, and regulatory improvements. It will accelerate the creation of new advanced clusters and support infrastructure development by timely building power grids such as substations. Additionally, the land use system will be reorganized to rationalize regulations for diverse utilization of idle land.
When companies make new technology or industrial investments, related tax, financial, and fiscal support will be expanded. To increase private capital inflow, an investment environment aligned with global standards will be created, and regulations related to fund management will be improved. Through the regional revitalization investment fund introduced this year, regional project investments will be rapidly promoted.
The third project of the Regional Revitalization Investment Fund is the Myeodo LNG Terminal in Yeosu, Jeollanam-do. Scheduled for completion in December 2027, this terminal will supply approximately 300 tons of LNG annually to nearby national industrial complexes such as Yeosu and Gwangyang. The government will support about 10% of the total project cost of 1.4362 trillion KRW as a parent fund. To reduce the local government investment contribution period from 12 months to 4 months, the Ministry of the Interior and Safety will also pursue exemption from fiscal investment review starting next month.
Starting in October, through research projects and task force (TF) operations involving related ministries, the regulatory status by industrial scale will be reviewed, and regulations with low effectiveness will be rationalized. Each ministry will independently identify economic regulations related to new industries and technologies, and key regulations will be discussed at the Presidential Regulatory Reform Committee.
The government plans to hold investment revitalization ministerial meetings monthly or every other month along with the Economic Relations Ministers' Meeting. By next month, they will discuss plans to activate private and venture investments as well as measures to stabilize construction costs. Until December, they will address the 4th Economic Regulation Improvement Plan, the 3rd Investment Revitalization Measures, and new industry regulatory improvement plans.
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