"Resident Traffic Rights Violation" vs "According to Implementation Agreement"… 'Ilsan Daegyo Toll-Free' Debate Expands

Goyang-si Launches Citywide Petition Campaign for 'Toll-Free' Passage

[Image provided by Goyang City]

[Asia Economy Reporter Ra Young-cheol] The debate over the 'free toll on Ilsan Bridge' is intensifying between the related local governments and the National Pension Service.

On the 15th, Gyeonggi Province Governor Lee Jae-myung, who is leading the ruling party's next presidential candidate race, held an on-site meeting to discuss toll improvements at Ilsan Bridge, raising hopes for a breakthrough, but the issue remains at a standstill.

Goyang City, which initiated the call for free tolls on Ilsan Bridge, has launched a citywide signature campaign to promote the legitimacy of toll-free usage, while the National Pension Service, the 100% shareholder of Ilsan Bridge, maintains a principled opposition, stating that it will cooperate with Gyeonggi Province if a plan is proposed.

On the 24th, Goyang Mayor Lee Jae-jun appealed for participation in the citywide signature campaign, saying, "Ilsan Bridge, established for residents in the transportation-disadvantaged northwest region of Gyeonggi Province, infringes on residents' transportation rights by imposing high tolls, exploiting the lack of alternatives."

Earlier, on the 18th, he encouraged participation, stating, "Gyeonggi Province and the cities of Goyang, Gimpo, and Paju must actively take the lead in making Ilsan Bridge toll-free by stopping cost transfers to residents," and on the 3rd, he took the lead in toll-free efforts by issuing a 'Joint Statement for Toll-Free' together with Gimpo and Paju cities.

The Gyeonggi Provincial Council also pressured the National Pension Service through a statement, saying, "The main cause of excessive tolls is the long-term loan interest paid to the National Pension Service," and "Despite continuous reductions in financial market interest rates, the senior loan interest rate remains at 8%, and refinancing through a third party could secure much lower rates."

However, the National Pension Service expressed reluctance toward toll-free implementation, stating, "The toll on Ilsan Bridge was decided by Gyeonggi Province according to the implementation agreement, and the subordinated loans are based on the private investment plan for shareholders to recover their investments in lieu of dividends."

Meanwhile, some view that although the National Pension Service reluctantly sat at the table during the on-site meeting, the Ilsan Bridge toll issue may develop positively in the future.

Meanwhile, Ilsan Bridge is the only toll bridge among the 27 bridges connecting Gangbuk and Gangnam, with a toll rate of 660 won per km, which is six times higher than major private roads.

The high toll is attributed to the high interest rates set at the time of acquisition. In particular, the subordinated loan of 36 billion won carries a high interest rate of 20%, and the interest collected annually by the National Pension Service is reported to reach 16.5 billion won.

If Gyeonggi Province acquires Ilsan Bridge, it is estimated to cost approximately 180 billion to 240 billion won.

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