The Path Opens for Public-Private Partnership Projects with the Korea Research Institute for Human Settlements in the 'K-Global City' Initiative

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The K-Global City development plan, led by the private sector, is expected to be promoted as part of a 'new town' development project where the public and private sectors cooperate, following a positive evaluation by the Korea Research Institute for Human Settlements.

At the policy forum titled "Finding Solutions to the Population Cliff, Local Extinction, and Balanced National Development," hosted by the Korea Real Estate Federation (Chairman Ji Taeyong) on the afternoon of January 24 at the Yeouido Irum Center, Yang Jin-hong, a research fellow at the Korea Research Institute for Human Settlements, a national research institute under the Prime Minister's Office, participated as a panelist and stated, "K-Global City shows a very good vision," adding, "It will be a starting point for public and private cooperation in creating a new town," which heightened interest.

The K-Global City development project is a private-sector-led initiative by organizations such as the Korea Real Estate Federation, aiming to achieve population growth, job creation, and regional economic revitalization. It plans to create a global cultural tourism city based on the Korean Wave (Hallyu), involving overseas Koreans and multicultural immigrants, to inject new vitality into the Republic of Korea.

[Theme Presentation by Yang Jin-hong, Research Fellow at the Korea Research Institute for Human Settlements]

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At the forum, Research Fellow Yang Jin-hong explained, "To achieve balanced national development, efforts have been made to circulate and disperse the population concentrated in the metropolitan area to local regions by creating innovation cities, relocating government agencies to local areas, and introducing rural-urban cyclical living methods, but these have not met expectations," and added, "The Korea Research Institute for Human Settlements is leading the establishment of new town development plans and the enactment of special laws for creating fusion cultural welfare cities."

Fusion cultural welfare cities are described as new towns promoted as national projects to leverage the global spread of Hallyu and address the aging population problem in local cities.

Additionally, Research Fellow Yang said, "In the past, during the Roh Tae-woo administration, the development of 2 million new town housing units was planned by the state and advanced investment was made by companies, but it was ultimately realized with citizens' capital," explaining, "Based on this experience, new town development projects involving cooperation between the public and private sectors are possible," and expressed great interest in the privately led K-Global City development plan. This indicates a position that the K-Global City development, combined with the fusion cultural welfare city promoted by the state through special legislation, is feasible.

Prior to the discussion, Ji Taeyong, chairman of the Korea Real Estate Federation, who presented the K-Global City development plan, emphasized, "K-Global City is a first-time attempt and cannot be done by the private sector alone; it must be carried out with cooperation among the central government, local governments, private companies, private organizations, universities, and research institutions to succeed."

Experts who participated in the forum included Research Fellow Yang Jin-hong from the Korea Research Institute for Human Settlements, Dr. Hwang Jun-ho (Chairman of the Korea Institute of Architects), Dr. Kim Dong-sung (Chairman of the Global Employment Support Center), Dr. Kim Dong-han (former researcher at the Gyeongnam Research Institute, Architecture and Urban Landscape Research Institute), Urban Planning Engineer Jang Geun-young (R&D evaluation committee member at the Korea Agency for Infrastructure Technology Advancement), Dr. Im Jong-hwan (Real Estate Studies), and Dr. Shin Hwa-chul (Real Estate Studies), who presented the K-Global City development plan and conditions for successful development.

Dr. Kim Dong-han suggested, "Currently, about 560 urban regeneration projects have been selected and are underway in Korea," and proposed, "A strategy is needed to link these government projects, which include infrastructure development and specialized projects in existing villages, with the K-Global City." This argues that for K-Global City to be successfully promoted, it must be linked with government-led projects.

Additionally, Dr. Hwang Jun-ho (Chairman of the Korea Institute of Architects) stated, "We must revive the good aspects of traditional villages while creating villages for the present and future," and Dr. Im Jong-hwan presented Japan's successful case, saying, "Twenty years ago, Japan had the same concerns as Yuri," and emphasized, "Tourism industries that leverage regional characteristics must be fostered."

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