Forest Service to Purchase Private Forests Equivalent to 16 Times Yeouido Area This Year
[Asia Economy (Daejeon) Reporter Jeong Il-woong] The Korea Forest Service plans to purchase 4,804 hectares of private forests this year. A budget of 43.5 billion KRW will be allocated for the purchase. The targeted purchase area is equivalent to 16 times the size of Yeouido.
According to the Korea Forest Service on the 15th, this year, 3,382 hectares (39.5 billion KRW) will be purchased through a lump-sum payment method called 'one-time payment type,' and 1,422 hectares (4 billion KRW) will be purchased through an installment payment method called 'installment payment type,' where the purchase price is paid over 10 years like a pension system.
The purchase targets are forests adjacent to or surrounding national forests that are necessary for the management and operation of national forests, or forests requiring conservation such as Baekdudaegan protection areas, forest protection zones, buffer zones of the National Arboretum, and Jeju Gotjawal, where development activities are restricted under relevant laws.
The Korea Forest Service plans to accept applications for private forest purchases throughout the year, and the purchase price will be determined by the arithmetic average of appraisals from two appraisal institutions. One of the appraisal institutions can be recommended by the forest owner selling the forest.
The purchased forests will be utilized diversely through management and operation, including establishing functional management plans, conserving forest ecosystems, promoting forest recreation, and fostering forest resources.
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Joo Yong, Director of National Forest Management at the Korea Forest Service, said, “According to the '2nd National Forest Expansion Plan (2019?2028),' we plan to purchase private forests annually to expand the national forest area to 1.79 million hectares, which is 28.3% of the country's forest area by 2028. We will strive to contribute to the welfare of the public by securing various public functions of forests through the expansion of national forests.”
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