DAEGU < invest Korea

On March 21st, the Daegu Metropolitan Government held a progress briefing session for key projects to ensure the city’s future growth in the City Hall Conference Room. The city plans to launch efforts to secure national funding of more than KRW 3 trillion for 10 consecutive years by preemptively responding to changes in government policies and developing systemic strategies.

At the briefing presided by Deputy Mayor for Administration Seung-Su Kim, the participants went over the key policy directions of the central government including job creation and innovative growth, and discussed ways to secure national funding to rebuild Daegu into an environment-friendly industrial city across various sectors such as future cars, water, healthcare, Internet of Things (IoT), and energy.

In particular, the city government plans to develop 50 new projects (total budget: KRW 259.5 billion) to be funded by the national budget in the coming year. The projects include: development of AI-based medical image analysis technology (total budget: KRW 40 billion); and construction of a new road connecting the Keumho Waterpolis Industrial Complex (total budget: KRW 132.8 billion).

The participants also agreed to preemptively respond to changes in the preliminary feasibility assessment system, have local universities and related agencies engage themselves in central government programs and the replanning of sunset programs, and seek other ways to secure national funding.

In addition, the city plans to capitalize on the Moonlight Alliance with local National Assembly Members, the shared growth cooperation network between Daegu and Gyeongsangbuk-do to secure the central government’s support for local projects including: construction of the Moonlight Inland Railway between Daegu and Gwangju; relocation of the Daegu Airport; and purchase of the construction site for the new Gyeongsangbuk-do Provincial Office Complex.

Daegu will launch a national funding taskforce led by Deputy Mayor Kim and Deputy Mayor for the Economy, Yeon-Chang Kim, in April, and engage the central government in dialogues on national funding through the newly appointed Financial Cooperation Officer.

Mayor Seung-SU Kim said, “Daegu faces serious challenges from outside and within,” and “Daegu will take a preemptive step to develop nationally funded projects that will open up new possibilities for developing new businesses and creating jobs in various sectors including water, energy, healthcare, future cars, robots, and IoT.”

Source Text

Source: Newsis (Mar. 21, 2018)

** This article was translated from the Korean.