Public Institutions' Investment Target This Year 67 Trillion Won 'Record High'... 53% of Investment Executed in First Half

'1st Public Institution Investment Execution Review Meeting'... Invested 64.7 Trillion Last Year with 99.8% Execution Rate

[Asia Economy Sejong=Reporter Kwon Haeyoung] Public institutions have set this year's investment target at a record high of 67 trillion won, and plan to execute 53% of it early in the first half of the year.

Ando-geol, the 2nd Vice Minister of the Ministry of Economy and Finance, announced this on the morning of the 2nd while presiding over the '1st Public Institution Investment Execution Inspection Meeting' for 2022 at the Government Seoul Office.

Vice Minister Ando-geol said, "We will proactively respond to recent domestic and international downward economic pressures and promote investment by mobilizing all available resources in the public sector for structural transition to a green and digital economy," adding, "Public institution investments have significant economic ripple effects and will focus on four major areas: social overhead capital (SOC) such as housing supply and transportation infrastructure directly related to citizens' lives, energy infrastructure for achieving carbon neutrality, safety infrastructure, and the Digital New Deal."

Specifically, 37.9 trillion won will be invested in the SOC sector, including quality housing supply to improve citizens' quality of life and construction of global-level transportation infrastructure; 16.1 trillion won in the energy sector for building renewable infrastructure for carbon neutrality and securing raw materials for stable energy supply; 5.7 trillion won in safety infrastructure to prevent major disasters and safety accidents; and 700 billion won in Digital New Deal projects such as establishing IoT-based public facility management systems.

Vice Minister Ando-geol stated, "In 2021, public institutions executed 64.7 trillion won, an increase of 3.7 trillion won compared to the previous year, achieving an execution rate of 99.8%, the highest ever, against the investment target of 64.8 trillion won," and added, "Public institutions actively made investments to overcome the COVID-19 crisis and enable rapid economic recovery, playing a vital role alongside government finances as a pillar supporting our economy during difficult times."

He continued, "We ask public institutions to take a leading role in overcoming recent global inflation, weakening global value chains (GVC), and economic uncertainties such as the Ukraine situation," and urged, "Please also make efforts to diversify funding sources for stable investment financing, including expanding stockpiles of key raw materials and diversifying supply lines."

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