Yeongdeok Marine Cable Car Now Taking Off... Passed Central Investment Review, Construction to Start in First Half of This Year

Expectations for the Tourism Industry Targeting Completion in 2024

Conceptual diagram of Yeongdeok Marine Cable Car.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gwiyeol] The Yeongdeok Marine Cable Car project has gained momentum.

Yeongdeok-gun, Gyeongbuk Province, announced on the 8th that the ambitious marine cable car construction project, being carried out through private investment, passed the Central Investment Review by the Ministry of the Interior and Safety on the 4th.

After starting the request for the central investment review in March last year and receiving two reconsideration decisions in June and October, the project was stalled for a year but has now received final approval.

The central investment review is a system that examines the feasibility and appropriateness of projects before implementation to ensure efficient operation of local budgets. Since March last year, Yeongdeok-gun has focused administrative efforts on passing the central investment review, including conducting multiple pre-consultations with the Local Investment Project Management Center.

The Yeongdeok Marine Cable Car project involves an investment of 33.6 billion KRW of private capital to connect Samsa Marine Park and Haepalang Park over a distance of 1.3 km. Having passed the central investment review, which was the biggest hurdle in project progress, Yeongdeok-gun plans to accelerate the remaining procedures such as the implementation plan approval and start construction within the first half of this year.

Lee Hee-jin, the mayor of Yeongdeok-gun, said, “The Yeongdeok Marine Cable Car project symbolically represents the interest and investment recently concentrated on Ganggu Port and will be an opportunity for Yeongdeok-gun to stand tall as a tourism hub on the East Coast.” He added, “We will proceed without any setbacks aiming for completion in 2024.”

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