16 Million Won Invested in Research Project
The Ministry of Land, Infrastructure and Transport is set to begin formulating a comprehensive development plan for the "Urban Convergence Special Zone," an initiative aimed at attracting businesses and young people to major regional cities.
On April 22, the ministry announced that it would hold a kick-off briefing for the "Urban Convergence Special Zone Comprehensive Development Plan Research Project" at the Korea Research Institute for Human Settlements in the afternoon, marking the start of efforts to establish a systematic development strategy. The research will be conducted over the next year and a half, until September next year, with a budget of approximately 160 million won.
The Urban Convergence Special Zone is a core government initiative designed to create mixed-use spaces that combine industry, housing, and culture in the downtown areas of major regional cities. By concentrating inter-ministerial business support projects, the government aims to attract youth employment and corporate investment.
In November last year, five metropolitan cities?Busan, Daegu, Gwangju, Daejeon, and Ulsan?were designated as the first special zones, and their basic plans were approved. In February this year, seven ministries, including the Presidential Committee for Balanced National Development, the Ministry of Land, Infrastructure and Transport, and the Ministry of Trade, Industry and Energy, signed a joint memorandum of understanding and have since been working together to coordinate various special zone development projects.
The comprehensive development plan will include the legal objectives and mid- to long-term strategies for the Urban Convergence Special Zone, as well as measures to attract leading companies, build industrial networks, and provide support for businesses and employees such as tax incentives and housing assistance. The plan will also review the standards and necessity for government financial support, criteria for establishing implementation plans, and ways to streamline the impact assessment process.
Kim Jiyeon, Director General for Land Policy at the Ministry of Land, Infrastructure and Transport, stated, "Through the comprehensive development plan for the Urban Convergence Special Zone, which we aim to complete by the end of the year, we expect to present a mid- to long-term development strategy for the next 10 years. We will make every effort to ensure that the Urban Convergence Special Zone serves as a growth hub that opens a new era of competitiveness for regional cities."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
