Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok delivers opening remarks at the Economic Ministers’ Meeting in Jongno-gu, Seoul, on the 18th. (News1)

According to Pulse by Maeil Business News Korea,

The South Korean government has decided to expedite investments and construction for 14 major projects across the country by streamlining administrative procedures and improving regulations.

The decision was made during a ministerial meeting on economic affairs chaired by Deputy Prime Minister and Minister of Economy and Finance Choi Sang-mok on Wednesday.

The meeting was held amid rising concerns that the current political turmoil could take a toll on corporate investment and domestic demand.

“The breakthrough to overcome internal and external challenges ultimately lies in corporate investment,” Choi said during the meeting.

Under the plan, the government will provide various forms of support and incentives to facilitate investment in seven large-scale projects worth a combined 9.3 trillion won ($6.4 billion).

The approval process for a semiconductor cluster in Yongin, Gyeonggi Province, initially scheduled for the first quarter of next year, will be completed by the end of this year.

The country’s tech giant Samsung Electronics Co. plans to invest 360 trillion won over 20 years to establish six fabs in the area to produce advanced system semiconductors.

The 1.4 trillion won liquefied natural gas (LNG) terminal project in Yeosu, South Jeolla Province, and the 5.5 trillion won secondary battery complex in Saemangeum, a reclaimed area in North Jeolla Province, are also expected to see tangible investment results next year.

Choi also held a press briefing with foreign media on Wednesday, where he emphasized that “a consultation format involving the government and ruling and opposition parties are in place to pursue economic policies, regardless of the political situation.“

“Despite growing internal and external uncertainties due to the domestic political situation and the inauguration of the new U.S. administration, Korea’s constitutional, economic, and emergency response systems are functioning well to manage and mitigate uncertainties,” Choi said.


By Moon Ji-woong, Kim Sang-jun, and Yoon Yeon-hae

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (December 18, 2024)