Gangwon's Yeongwol, Jeollabuk-do's Jeonju and Namwon, and Gyeongsangnam-do's Goseong and Geochang were selected as investment leading districts. The government plans to promote balanced development in these regions through various investment promotion measures.
The Ministry of Land, Infrastructure and Transport announced on the 7th that, as a result of promoting a regional development project contest for 2025, it has selected five investment leading districts, including Gangwon's Yeongwol, Jeollabuk-do's Jeonju and Namwon, and Gyeongsangnam-do's Goseong and Geochang. It also selected 20 locations for customized support projects based on regional demand.
The investment leading district project provides various benefits such as tax reduction, easing of building coverage ratios and floor area ratios to promote regional growth and activate private investment. It also supports the establishment of infrastructure in underdeveloped areas with up to 10 billion won in national funds.
The customized support project based on regional demand is designed to improve blind spots in underdeveloped areas and secure the basic residential rights of residents by supporting living convenience facilities and infrastructure.
Starting with the application for the contest in May this year, the final selection of regional development projects for 2025 was made after written, field, and comprehensive evaluations. The number of selected projects increased from three last year to five this year, while the number of target areas for customized support based on regional demand rose from seven last year to 20 this year.
The five locations designated as investment leading districts, including Gangwon's Yeongwol, Jeollabuk-do's Jeonju and Namwon, and Gyeongsangnam-do's Goseong and Geochang, will be developed as growth hubs that will be at the center of the regional economy.
Yeongwol plans to create a core material complex based on essential resources (tungsten) required for national advanced industries such as semiconductors, defense industry, and automobiles. It aims to be developed as a hub for key minerals through the establishment of an advanced materials center to support research and development linked to industry, academia, and research.
Jeonju is set to transform into a convergence-type regional growth hub by establishing MICE (meetings, incentives, conferences, and exhibitions) industry infrastructure in a geographical center adjacent to KTX Jeonju Station and the express bus terminal.
Namwon plans to build a future industry cluster linked to new growth industries such as drones, smart agriculture, and bio-industry around the KTX Namwon Station area, where the core line of the national transport network, 'Dalbit Railroad,' and the Jeolla Line high-speed rail intersect.
Goseong aims to implement a future city model by constructing a sports healing town and a customized smart residential complex to foster regional strategic industries such as sports and tourism in the KTX Goseong Station district, which will be established with the opening of the southern inland railroad.
Geochang plans to create an advanced general industrial complex linked to the existing elevator-related infrastructure (such as elevator-specialized industrial complexes) and foster specialized industries while installing a dedicated IC for the industrial complex to improve transport accessibility and promote growth as a logistics hub.
An official from the Ministry of Land, Infrastructure and Transport noted that the projects selected this time will create hubs for industry, culture, and transport in regions facing extinction due to population decline, and are expected to play a role in driving the new government's regional balanced development policy.
The target areas for customized support based on regional demand include 20 locations such as Yeongwol, Yeongdong, and Goheung. This year, to invigorate the local economy, the selected local governments will be expanded to include a general contest project with 2.5 billion won in support and a small-scale contest project with 700 million won in support. The selected projects include various initiatives such as utilizing idle resources and improving medical and tourism infrastructure.
In particular, in March of this year, Usung, Cheongsong, and Yeongyang, which were damaged by wildfires, were also selected as target areas for customized support based on regional demand, and plans are in place to rebuild village halls and warehouses that were lost due to the fires. Additionally, there are plans to restore village functions by refurbishing shelters for disaster victims and expanding roads to support rapid responses to disasters.
Lee Sang-joo, head of the Urban and Land Department at the Ministry of Land, Infrastructure and Transport, expressed hope that the results of this regional development project contest would serve as a springboard for the new government's regional balanced development policy, and stated, 'We will actively support various and effective regional development projects to address the crisis of local extinction.'