Seoul: The government will expand the total area of greenbelt zones eligible for development, marking the first such expansion in 17 years, acting President Choi Sang-mok said Tuesday. This decision, the first of its kind since 2008, is part of the government's efforts to stimulate investment amid an anticipated economic slowdown driven by unfavorable trade conditions, political uncertainties, and a sluggish recovery in domestic demand.
According to Yonhap News Agency, this initiative will actively support various strategic projects at both national and regional levels, including industrial complexes, logistics hubs, and urban development projects, Choi stated during a meeting with ministers on economic affairs. "Corporate investment is the lifeline of our economy," he added, pledging all-out efforts to support investment by local businesses.
Under the new measure, 15 projects have been designated as national and regional strategic initiatives outside the capital area, mostly in the central and southern parts of the country, according to the finance ministry. Of those, six projects, spanning a total of 42.03 square kilometers, will be granted exemption from the maximum amount of greenbelt area that can be released. Three of them are in the southeastern port city of Busan, while the rest are in the southern city of Gwangju and the central city of Daejeon.
"The designation of the 15 projects is part of a broader effort to stimulate local investment and job creation," the ministry said. The ministry estimates that the projects will require a total of 27.8 trillion won (US$19.4 billion) in investment and create various economic benefits, including approximately 380,000 new jobs.
The government plans to implement the greenbelt exemptions in phases, beginning in the first half of next year.