The Park administration has laid out its budget
and the details of more than 1-hundred planned regional projects.
Here’s Arirang’s economics correspondent Kim Han-ul with more. President Park’s plan for
regional development is finally picking up steam.
More than 1-hundred-60 projects will be implemented to fulfill her 1-hundred-06 detailed pledges
for 15 regional districts in Korea. Eighty-four trillion won or around 73 billion
U.S. dollars will be put into 96 new projects, while 40 trillion won or roughly 35 billion
dollars will be used to fund projects that are already on-going.
This puts the total at 108 billion dollars. In terms of the new projects, priority will
be given to those who have already passed the preliminary evaluation to prove its validity.
President Park has been emphasizing the need to come up with economic measures that cater
to each region, which she believes will ultimately lead to national growth.
She first announced her vision back in December when running for the presidency, and Friday’s
announcement shows her efforts to turn her vision into reality.
It included the detailed scope, action plans and the budget for each project.
The government, considering its tight economic budget, plans to implement a public-private
partnership model, called Build-Transfer-Lease or the BLT model.
Under this model, the private organization designs, finances and builds the facility
on public land, and then operates the facility until the lease ends, and then transfers ownership
to the government. The Finance Ministry plans to finish its budget
evaluations for new projects by the end of next year.
Kim Han-ul, Arirang News.