Confirmed Investment of 1.3 Trillion Won in Pyeongtaek Regional Development Plan

Ministry of the Interior and Safety and 7 Other Ministries, Gyeonggi-do, and Pyeongtaek City to Promote 17 Projects

[Asia Economy Reporter Kiho Sung] The Ministry of the Interior and Safety announced on the 15th that it has established the "Pyeongtaek Regional Development Plan 2023 Implementation Plan" to develop the Pyeongtaek area where the US military base has been relocated, investing 1.3491 trillion won in 17 projects.

The Pyeongtaek Regional Development Plan is a regional development project established to promote the development of Pyeongtaek City and surrounding areas in accordance with the "Special Act on Support for Pyeongtaek City, etc. due to the Relocation of US Forces Korea Bases."

From 2006 to 2022, the government invested a total of 22.0647 trillion won over 17 years in 80 projects (4.5913 trillion won from the central government, 775.6 billion won from local governments, and 16.6978 trillion won from private capital and others) to minimize the negative impacts of the US military base relocation to Pyeongtaek and to revitalize the region.

Meanwhile, in 2023, seven ministries including the Ministry of the Interior and Safety, along with Gyeonggi Province and Pyeongtaek City, will promote 17 projects. To this end, 1.3491 trillion won (143.5 billion won from the central government, 49.1 billion won from local governments, and 1.1565 trillion won from private capital and others), an increase of 548 billion won compared to last year, will be invested.

Choi Hoon, Director of the Local Autonomy and Balanced Development Office at the Ministry of the Interior and Safety, stated, “We will support the smooth annual implementation of projects from each ministry reflected in the Pyeongtaek Regional Development Plan to promote the development of the Pyeongtaek area following the relocation of the US military base.”

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