Government Support for Private Sector Projects

Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok announced on December 18 that the government will support seven projects worth 9.3 trillion won pursued by private corporations to ensure actual investments are made next year. This announcement was made at the Economic Ministers’ Meeting and the 2nd Investment Promotion Ministers’ Meeting held at the Government Complex Seoul.

Emphasis on Corporate Investment

Choi emphasized the importance of corporate investment, stating, "The breakthrough to overcome domestic and international challenges ultimately lies in corporate investment." He added, "To survive the global industrial competition, we need to develop advanced technologies and build facilities capable of producing sufficient products."

Concerns and Promises

Choi expressed concerns about the recent domestic political situation discouraging companies from executing their investment plans. He promised, "We will actively support our companies so they can continue their investment activities without wavering."

Measures to Boost Investment

As part of the government’s corporate and regional investment promotion measures, it plans to simplify the completion procedures for the Yongin National System Semiconductor Industrial Complex and approve the industrial complex plan within this year. Additionally, the government will transfer the authority to lift the designation of the fishery resource protection zone in the Tongyeong Marine Tourism Complex to local governments.

New Initiatives and Reforms

The government also plans to launch a trackless tram pilot project, restructure the current environmental impact assessment system, and introduce a new type of semi-high-speed rail. Choi concluded by stating, "We will swiftly implement measures to supplement construction investments, including ensuring public construction costs reflect current realities."