Ministry of Land, Infrastructure and Transport Supports 'Customized Regional Development Projects'... Applications Open from the 6th

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 5th that it will promote the 'Regional Development Public Contest Project' to support local development projects.

According to the Ministry, this contest will be conducted in two types according to the purpose and type of the project: 'Investment Leading District' and 'Customized Support for Regional Demand.'

The Investment Leading District is a system that discovers and supports strategic projects with potential to foster regional growth hubs and activate private investment. Depending on the characteristics of the region, it relaxes building coverage ratio and floor area ratio or provides tax and charge reductions.

The Customized Support for Regional Demand project is a system to support small-scale projects closely related to the lives of residents in growth promotion areas with poor living environments and development levels. If selected in the contest, support for infrastructure installation costs will be provided.

The Ministry plans to focus on discovering tourism projects in response to the decline of the local population while promoting the contest project.

Since 2015 until last year, the government has discovered a total of 127 excellent projects through the regional development public contest project.

The tourism projects supported so far were mainly single projects in one city or county, so there were limitations in attracting staying tourists.

Therefore, this year, tour programs will be planned based on various tourism resources of two or more adjacent cities or counties.

The Ministry will accept applications from the 6th of this month until the 8th of next month. After evaluation by a committee composed of private experts, about 25 target sites will be selected around July.

Han Jeonghee, head of the Regional Policy Division at the Ministry, said, "Through the public contest project, we will contribute to revitalizing the region and improving the quality of life of residents," adding, "In particular, it is expected that the decline in the local population can be addressed by continuously attracting new populations within the region through staying-type tourism projects."

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