Vice Minister Ki Jae: "Raising Private Investment Execution Targets... 25% in Q1, 50% in Q2"

"'Private Investment Act Amendment' Pending at National Assembly Judiciary Committee... Full Effort to Pass the Bill"

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Jang Sehee] The government has set a policy to raise this year's investment execution targets. The plan is to actively invest and increase the execution rate to 25% in the first quarter and 50% in the second quarter.

On the 13th, Koo Yoon-cheol, Vice Minister of the Ministry of Economy and Finance, chaired the 2nd Private Investment Activation Promotion Council of 2020 and announced this plan. The meeting was attended not only by related ministries but also by local government officials and the Korea Development Institute (KDI).

The government announced that it will aim for full execution of 62 private investment projects totaling 5.2 trillion won and will monitor the execution. In cases where execution is delayed due to civil complaints, permits, regulations, etc., the government plans to resolve difficulties through consultations with related agencies. The execution rates set as targets by the government?25% in the first quarter and 50% in the second quarter?represent increases of 10 percentage points and 16.6 percentage points respectively compared to the same period last year.

At the same time, the government emphasized accelerating the discovery of new projects. Vice Minister Koo said, "In addition to executing according to this year's plan, efforts to discover new projects are absolutely necessary," and added, "We will manage to complete the feasibility studies within this year for major projects such as key transportation networks for which feasibility studies have been requested."

He also mentioned that efforts will be made to pass the 'Private Investment Act Amendment' currently pending at the National Assembly's Legislation and Judiciary Committee. Vice Minister Koo said, "The Private Investment Act Amendment, which introduces the principle of comprehensiveness, is currently pending at the National Assembly's Legislation and Judiciary Committee," and added, "If the principle of comprehensiveness is introduced, it will be possible to flexibly respond to technological developments and environmental changes and promptly promote related social infrastructure."

He further stated, "I understand that the private sector still proposes many projects with creative ideas to the competent authorities," and requested, "If the proposals align with policy directions, I ask the competent authorities to actively review the private sector's proposals and request feasibility studies."

This content was produced with the assistance of AI translation services.