Pan-Gov't Organ Suggested for Balanced Regional Development

Korea Times (Seoul, Korea), April 7, 1999 | Go to article overview
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Pan-Gov't Organ Suggested for Balanced Regional Development


The Ministry of Construction and Transportation (MOCT) is seeking to attract more private investment in infrastructural projects and promote balanced regional development by setting up a pan-government organization.

The ministry has also been drastically boosting the volume of social overhead capital (SOC) projects with private capital in mind as a means of creating much needed jobs in the construction market.

In his report to President Kim Dae-jung yesterday, Minister Lee Jung-moo said investments in SOC projects and residential construction have increased by 1.5 trillion won and 4.8 trillion won, respectively.

``The increase in investments in apartment construction and infrastructural projects has already created 200,000 new jobs this year. Nearly all of the SOC investments have been made,'' Lee explained.

He went on to say that his ministry has secured 800 billion won in additional funds to ensure that the SOC projects, which alone have provided jobs for 82,000 workers, can continue in the second half.

``We are pursuing a diverse range of projects for attracting private equity for infrastructural projects. Along these lines, the Private Infrastructure Investment Center of Korea has been established,'' the minister said.

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Pan-Gov't Organ Suggested for Balanced Regional Development
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