Ando Geol, Deputy Minister of Economy and Finance, "Next Year's Seoul Metropolitan Area Budget Focuses on Expanding Infrastructure in 2nd and 3rd Phase New Towns"

MoEF Holds 'Budget Council for Seoul Metropolitan and Gangwon Regions' on the 10th

[Image source=Yonhap News]

[Asia Economy Reporter Jang Sehee] The government announced that it will focus on expanding transportation infrastructure and supporting housing supply in new towns in relation to next year's social overhead capital (SOC) investment in the Seoul metropolitan area. In particular, it plans to allocate funds for road and railway projects to improve transportation conditions in the 2nd and 3rd phase new towns.

On the 10th, Ando-geol, Vice Minister of Strategy and Finance, held the 'Seoul Metropolitan Area and Gangwon Region Budget Council' at the Gyeonggi-do Economic Science Promotion Agency to discuss investment in local priority projects.

The government stated that regarding SOC investment in the Seoul metropolitan area, it will focus on expanding urban infrastructure to alleviate traffic congestion, expanding transportation infrastructure for the successful development of new towns, and supporting housing supply to stabilize the real estate market.

The government will make full-scale investments in core transportation networks such as the Seoul Metropolitan Area Express Railway. It will also concentrate on supporting the creation and expansion of smart cities to solve urban problems, and the intelligence and advancement of safety and operation systems by integrating ICT technology into SOC facilities.

Road and railway projects to improve transportation conditions in the 2nd and 3rd phase new towns will be carried out on schedule without delay. To this end, projects such as the Wolgot?Pangyo double-track railway, Indeokwon?Dongtan double-track railway, Shinbundang Line (Gwanggyo?Homaesil), KINTEX Station, Bupyeong Station transfer center, and Gyeyang?Ganghwa Expressway will be supported.

Support will be provided for the commencement of projects newly included in the 4th National Railway Network Construction Plan and the Metropolitan Transportation Implementation Plan, such as the Western Metropolitan Express Railway (promoting direct operation between Gimpo?Bucheon and Yongsan Station), Wirye?Gwacheon Metropolitan Railway, Byeollae Line extension, Seongnam Bokjeong trunk bus rapid transit (BRT), and Geomdan?Daegok metropolitan road.

Additionally, budget support is planned for the 2nd Gyeongchun National Road and the Sinansan Line (Ansan?Yeouido). Support will also be provided for the metropolitan bus quasi-public operation system to promote public transportation use in the metropolitan area, as well as for the affordable transportation card project for public transit users.

Vice Minister Ahn announced that the government aims to supply approximately 1 million public rental housing units. To achieve this, it will focus on tailored housing supply for vulnerable groups such as residents in metropolitan areas, youth, and newlyweds.

Meanwhile, Seoul City, Incheon City, Gyeonggi Province, and Gangwon Province proposed next year's national treasury-supported projects focusing on expanding transportation infrastructure and developing region-specific specialized industries and technologies. In response, Vice Minister Ahn pledged support for expanding railways and roads to alleviate traffic congestion between the Seoul metropolitan area and Gangwon, as well as fostering new industries in the regions.

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