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 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 strategic projects at both national and regional levels, including industrial complexes, logistics hubs, and urban development projects. Choi made this announcement during a meeting with ministers on economic affairs, emphasizing the potential economic benefits of the expansion.
The specific areas and projects eligible for the lifting will be finalized and announced following approval at a Cabinet meeting scheduled for later in the day. Choi also highlighted the government's plan to introduce various incentives to promote corporate investment in underdeveloped regions, emphasizing the significance of special economic zones.