Gyeonggi-do to Invest 91.4 Trillion Won in Major SOC Development in Eastern, Western, and Northern Regions

Gyeonggi Province Governor Kim Dong-yeon is taking a commemorative photo with attendees at the 'Gyeonggi Western SOC Grand Development Plan Inaugural Ceremony' held on the basement first floor of the Ansan City Siwoo Station waiting room on the 6th.

Gyeonggi Province will invest a total of 91.4 trillion won by 2040 to expand social overhead capital (SOC) such as roads and railways in the relatively underdeveloped eastern, western, and northern regions. Gyeonggi Province plans to revitalize the regional economy by simultaneously promoting private development investment and corporate attraction during the SOC development process.

First, along with the promotion of the Gyeonggi Northern Special Autonomous Province, Gyeonggi Province will invest 43.5 trillion won in SOC investments such as roads and railways in the northern region.

The road projects include establishing a grid road network, early completion of the Metropolitan Area 2nd Ring Expressway, construction of the Seoul~Yeoncheon East-West 10-axis Expressway and Pocheon~Cheorwon Expressway, and incorporation of the Yangpyeong~Seorak Expressway into the national expressway network project. Construction of the Metropolitan Area 1.5 Ring Expressway (Gyeonggi Northern Metropolitan Expressway), Gwangdeok Tunnel, and Dongmak~Gaeya roads connecting to the Gangwon region will also be carried out simultaneously.

In the railway sector, the province will promote the establishment of a circular railway network, extension of the Metropolitan Area Express Train (GTX) lines ABC, establishment of new DEF lines, and connect national high-speed railways such as KTX and SRT to Paju and Yeoncheon in preparation for reunification. Gyeonggi Province will also attract corporate investments worth a total of 170 trillion won in the northern region.

Gyeonggi Province expects that if the Gyeonggi Northern Special Autonomous Province is established and SOC investment and corporate attraction proceed as planned, South Korea's average annual growth rate will increase by 0.31 percentage points.

Following the northern region, Gyeonggi Province will invest 33.9 trillion won in the eastern region to construct 18 roads and 13 railways.

The eastern region, consisting of seven cities and counties including Gapyeong, Namyangju, Yangpyeong, Gwangju, Yeoju, Icheon, and Yongin, has been restricted in development due to overlapping regulations such as development restriction zones, water source protection zones, emission facility installation restriction areas, special measures areas, and waterfront zones.

In particular, the road extension ratio per 1㎢ in the eastern region is 0.82 km, which is only 56% of the Gyeonggi Province average of 1.46 km and 16% compared to the 5.11 km on the Gyeongbu axis.

Accordingly, Gyeonggi Province will invest a total of 43.3 trillion won in the area by 2040, including 33.9 trillion won for SOC and 9.4 trillion won for private development.

Major projects include 16.2 trillion won for 18 road routes such as the extension of Local Road No. 84 from Yongin to Yeoju, and 17.7 trillion won for 13 railway routes including the GTX D line.

Gyeonggi Province will also ease urban planning review standards to allow private development projects such as golf courses and resorts in the eastern region, abolish the '500,000㎡ cap on urban development projects,' and expand the industrial complex size limit from '60,000㎡ to 300,000㎡,' among other regulatory relaxations.

Gyeonggi Province will invest 14 trillion won in the western region to construct six roads and nine railways.

The western region of Gyeonggi includes seven areas: Ansan, Siheung, Hwaseong, Pyeongtaek, Anseong, Gimpo, and Paju. Although close to Seoul, it has been neglected in terms of administrative and financial resources due to development focused on the Gyeongbu axis. As a result, infrastructure such as roads and railways, as well as rest and tourism spaces, are severely lacking.

Therefore, Gyeonggi Province will pour 6.8 trillion won into six road routes including the expansion of the Sihwa Embankment~Coastal Road, and 7.2 trillion won into nine railway routes including semiconductor lines. It will also promote attracting private development investments worth 8.9 trillion won for urban development, industrial complex development, golf courses, and marine resort tourism complex development.

Gyeonggi Province expects that the western region SOC mega-development project will generate production inducement effects of 45.3 trillion won and value-added inducement effects of 19.1 trillion won.

Kim Dong-yeon, Governor of Gyeonggi Province, stated, "Gyeonggi Province plans to concretize the detailed plan for the SOC mega-development in the relatively underdeveloped eastern, western, and northern regions by June through expert consultation, research projects, and consultations with relevant local governments. A mid-term announcement will be made in July, followed by a deliberation process including gathering residents' opinions, and the final plan will be announced by the end of this year."

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