Government Advances Private Investment Projects Worth Over 30 Trillion Won... Full Effort to Revive Economy

All-Out Efforts to Revive Investment and Domestic Demand Amid Export Slump

Kim Yong-beom, the 1st Vice Minister of Strategy and Finance, is delivering opening remarks at the '18th Innovation Growth Strategy Review Meeting and Policy Review Meeting' held on the 24th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Jang Sehee] The government has decided to invest a total of 30 trillion won in private investment in social overhead capital (SOC) this year. The plan is to connect the liquidity circulating in the market to productive investment destinations to promote economic recovery.

On the 23rd, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held the 11th Emergency Economic Central Countermeasures Headquarters meeting at the government Seoul office and announced, "We will promote the activation of private investment projects worth 30 trillion won + a to revitalize private investment and public-private partnerships, including the Korean New Deal projects." He also added that among the 100 trillion won investment projects planned for this year, an additional 25 trillion won + a worth of corporate investments will be discovered.

In addition, the government plans to expand incentives for private sector project proposals by activating public infrastructure funds through dividend income separate taxation and deregulation.

To expedite the eligibility review of newly added projects, the government will frequently hold the ‘Private Investment Activation Promotion Council’ starting in August, involving the Ministry of Economy and Finance, related ministries, and local governments. Furthermore, new types of private investment projects worth 12.7 trillion won, including Green Smart School (4.3 trillion won), hydrogen charging stations (500 billion won), seismic reinforcement (7.8 trillion won), and LED lighting replacement (100 billion won), will also be carried out.

The government also plans to make every effort to drive growth through domestic demand recovery. Starting this month, the government will sequentially distribute discount consumption coupons in eight major sectors. These eight sectors include agricultural and marine products, tourism, accommodation, movies, performances, exhibitions, dining out, and sports.

Regarding this, Kim Yong-beom, Vice Minister of Economy and Finance, said, "The eight-sector discount coupons will be distributed sequentially starting with agricultural and marine products coupons at the end of this month," adding, "The eight-sector discount consumption coupon project is part of the government's efforts to stimulate domestic demand, following emergency disaster relief funds and joint sales, and is expected to achieve the dual effect of revitalizing consumption and supporting affected industries."

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