Government Executes 690 Billion KRW in Private Projects by February... Achieves 300% of Target

The government announced on the 8th that it executed 690 billion KRW in private investment projects by the end of February this year, exceeding the original plan (170 billion KRW) by 300%.

On the 8th, the Ministry of Economy and Finance held the '1st Joint Meeting for Private Investment Execution Review' at the Seoul Government Complex annex, chaired by Second Vice Minister Kim Yoon-sang, to discuss this year's private investment project plans, execution performance, and the execution status by major responsible agencies.

This meeting was held for the first time with the purpose of sharing private investment execution targets and promoting swift execution. The execution target for private investment projects this year is 5.7 trillion KRW, the largest scale in the past five years.

By the end of February, most responsible agencies achieved execution exceeding their target amounts, and for some projects with poor performance, public-private cooperation will be strengthened to resolve difficulties and ensure timely execution.

[Image source=Yonhap News]

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The Ministry of Economy and Finance explained that institutional improvement measures currently being prepared to support the prompt promotion of private investment projects will also be completed within the first half of the year.

The Ministry stated, "In response to criticisms that the time and cost involved in proposing private investment projects are excessive, guidelines will be prepared within the first half of the year to reduce the costs and time required for private investment project proposals."

Additionally, a plan to shorten the duration by up to six months by conducting demand forecast reassessment and private investment eligibility reassessment simultaneously will also be pursued.

Vice Minister Kim emphasized, “We will ensure that first-quarter execution proceeds without setbacks to support the timely completion of private investment projects and enhance public benefits.”

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