'Las Vegas Geodaedome' Hanam Attraction Kickoff... Government 46 Trillion Investment Normalization

Support Measures for Corporate Investment Project Activation
Creating State-of-the-Art K-pop Venues via Administrative Fast Track
Government Directly Finds Lease Sites, Revises Laws if Necessary
Government Mediates Public-Private Conflicts Causing Delays
"Actively Resolve Additional Investment Obstacles"

The Sphere, an old spherical venue in Las Vegas, Nevada, USA, stands approximately 120 meters tall with a diameter of 160 meters, making it the largest spherical structure in the world. The American global entertainment company Sphere is planning to build a Sphere in Hanam City, Gyeonggi Province. Photo by Sphere Company

The government has rolled up its sleeves to normalize corporate investments worth 46 trillion won. By significantly reducing administrative procedures, it will support the groundbreaking of ‘The Sphere,’ a state-of-the-art performance hall in Hanam City, in 2025. It is also pushing to allow the installation of transmission towers crossing the Shinan tidal flat wetland protection area, and the government will directly search for the necessary sites for the construction of a large-scale petrochemical facility in Ulsan.

On the 8th, the government held an emergency economic ministers' meeting combined with an export investment countermeasure meeting and finalized and announced the ‘Support Plan for Activation of Corporate Investment Projects’ containing these details. The core is to support projects that were planned but are currently on hold or expected to face setbacks due to regulations, procedures, or disputes, to operate normally. Previously, the government received about 200 difficulties from local governments and decided to prioritize support for 18 projects worth a total of 42 trillion won among them.

Administrative Fast Track Activated... Groundbreaking of State-of-the-Art K-pop Performance Hall in 2025

To accelerate investment projects, the government is promoting an ‘Administrative Procedure Fast Track.’ With the introduction of this system, the administrative procedures for the K-pop performance hall promoted by Hanam City will be reduced from 42 months to 21 months. Currently, Hanam City is discussing the creation of a spherical advanced performance hall with the U.S.-based global entertainment company Sphere. Sphere hopes to start construction within 2025, but the lengthy procedures have made the investment uncertain.

The government decided to shorten the feasibility evaluation period for new investment projects by local public enterprises from 10 months to 6 months through cooperation with Hanam City and the Ministry of the Interior and Safety. When lifting development restriction zones, the Ministry of Land, Infrastructure and Transport will promptly proceed with the Central Urban Planning Committee’s review, and the designation procedures for urban development zones will be conducted simultaneously. The government expects that rapid project promotion will generate an investment effect of about 2 trillion won by 2029.

It will also speed up special zone and industrial complex development plans and environmental impact assessments. The Pohang Blue Valley National Industrial Complex currently restricts secondary battery industry entry on some sites, but the government will expedite changes to the industrial complex plan and basic management plan to allow the rapid groundbreaking of secondary battery factories. For the construction of a world-class art museum branch in Busan, preliminary procedures will be expedited, and the exemption of preliminary feasibility studies will be pursued for the construction of the integrated Daegu-Gyeongbuk new airport.

Allowing Transmission Towers Across Wetlands, Also Finding Rental Sites for Storage Yards

President Yoon Suk-yeol is taking a commemorative photo before the groundbreaking ceremony at the S-OIL Shahin Project held on March 9 in Onsan National Industrial Complex, Ulju-gun, Ulsan Metropolitan City.
[Image source=Yonhap News]

Regarding investment difficulties related to regulations, the government will either change systems or improve conditions. In the Jeonnam offshore wind power project, wetland protection regulations will be eased. The project operator must build transmission and transformation facilities crossing the Shinan tidal flat wetland protection area, but under current law, only costly submarine transmission lines are allowed. Therefore, after research, the related law will be amended to allow transmission towers crossing wetlands if certain criteria are met.

For the 9.3 trillion won Ulsan petrochemical facility construction promoted by S-Oil, the government will directly search for alternative sites for storage yards and parking lots. The large-scale petrochemical facility to be built in the Onsan National Industrial Complex in Ulsan urgently needs sites for equipment storage and parking spaces for about 11,000 workers daily. Although there are unused nearby sites, leasing is impossible due to the Industrial Cluster Act. If alternative sites cannot be found, the government plans to amend the law by the first half of next year.

The authority to approve minor development project changes in research and development special zones will be delegated to city and provincial governors. Previously, even minor changes to special zone development plans required approval from the Minister of Science and ICT, causing procedural delays. Additionally, to build the Yeongcheon Race Park, local tax reduction incentives will be provided for priority projects in population-declining areas. For secondary battery production plants in the Chungcheong region, separate hazardous material management standards will be established to reduce cost burdens. Accordingly, investments in LG Energy Solution’s Ochang Plant 2 and SK On’s Seosan Plant 3 are expected to proceed more smoothly.

Government Directly Creates Mediation Plans to Resolve Public-Private Conflicts

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho is delivering opening remarks at the Emergency Economic Ministers' Meeting and Export Investment Measures Meeting held on the 8th at the Government Seoul Office in Jongno-gu, Seoul. Photo by Jo Yong-jun jun21@

If projects are delayed due to disputes between the public sector and private businesses, the government will directly mediate. Private companies have been requesting project plan changes due to increased costs from high-interest rates and rising construction material prices, but local governments or public enterprises often reject these requests fearing allegations of favoritism, audits, or breach of trust. The government plans to fully activate the ‘Public-Private Joint Construction Investment Project Adjustment Committee’ to prepare reasonable mediation plans.

About 15 projects are expected to complete mediation within this month. For the K-Culture Valley development promoted by Goyang City, Gyeonggi Province, where power supply issues have caused project setbacks, the government will propose an adjustment plan focusing on changes to the project plan and schedule. In the development project of Geomdan New Town in Incheon, considering the sharp debate between expanding officetels and reducing development facilities, the government will prepare a reasonable mediation plan including expanded public contributions from companies.

The remaining 19 projects will have adjustment plans by as early as next month or by early next year at the latest. The government will provide multifaceted support for restoration costs required in industrial complex greenbelt restoration projects and create consultation plans to promptly resume projects when companies’ public contribution burdens increase.

Choo Kyung-ho, Deputy Prime Minister and Minister of Economy and Finance, emphasized, “We will closely manage to ensure that the projects included in this measure swiftly proceed to investment,” and added, “We will actively identify and resolve other projects facing investment difficulties.”

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