Gyeonggi Province Launches 70 Billion Won Residents’ Reinvestment Project, City and County Proposals Invited Early Next Year

Gyeonggi Province is launching the "Gyeonggi Saenghwalssok (SOC) Reinvestment Project," a 70 billion won initiative designed to return profits generated from public development projects to residents in the form of integrated facilities such as cultural and sports centers.

The provincial government announced on December 24 that it will utilize a cumulative 150.5 billion won from the Residents’ Reinvestment Fund, accumulated from 2021 to 2025, to carry out the reinvestment project. A public call for proposals from cities and counties will be held from January 26 to February 20 next year.

The Residents’ Reinvestment Fund is a special fund created by Gyeonggi Province to collect a portion of profits from public development projects and redirect them to benefit residents’ daily lives.

In January next year, Gyeonggi Province will conduct a resident survey to identify the necessary facilities for each region. Based on the survey results, cities and counties will submit their proposals by February 20. The final five or so projects will be selected in March through an audition-style evaluation process.

For selected projects, up to 16 billion won will be provided for design and construction costs for new buildings, and up to 6 billion won for remodeling projects. Any additional project costs and land acquisition beyond these limits will be the responsibility of the respective city or county. The total project budget is 70 billion won, with 5 billion won already allocated for next year’s design and supervision expenses.

Gyeonggi Provincial Government

Earlier, in early December, Gyeonggi Province held a public contest to name the project, ultimately deciding on "Gyeonggi Saenghwalssok (SOC) Reinvestment Project."

The project’s name uses the Korean pronunciation of SOC (Social Overhead Capital), with the slogan "Directly into Gyeonggi residents’ lives!" to highlight the goal of returning public development profits to residents through support for essential community infrastructure.

Additionally, from December 9 to 12, the province held a preliminary information session for public officials from 31 cities and counties, providing detailed guidance on the "Gyeonggi Saenghwalssok (SOC) Reinvestment Project Audition" and outlining the upcoming evaluation process.

Lee Sangwoo, Director of Land Development at Gyeonggi Province, stated, "This public call is significant as it marks the first execution of the Residents’ Reinvestment Fund and is an infrastructure project that directly reflects residents' opinions. We hope to see many proposals tailored to local needs, realizing the value of reinvesting in our residents."