Gyeonggi Province's Large-Scale Investment Projects Face "Red Light"

Large-scale investment projects including road construction with investments of 20 billion won or more in Gyeonggi Province have been hampered due to inadequate funding plans.

Gyeonggi Province announced on the 2nd that in the recent "2006 Second-Half Investment and Financing Project Review" submitted to the Ministry of Public Administration and Security, the province and its cities and counties received decisions on 37 applications as follows: 7 projects requiring reexamination, 15 conditionally approved, and 15 approved as appropriate.

Among projects requiring reexamination, Seongnam City's "U-Seongnam Area Information Technology Master Plan Implementation Project" (project cost 148.3 billion won) was directed to be resubmitted after concretizing a private capital attraction plan worth 71.9 billion won and confirming a national treasury support plan of 17.9 billion won.

Additionally, the urban planning road project in Camp Aguadilla, Uijeongbu (48.2 billion won) and the Songchu Road Expansion Project on National Route 39 (48 billion won) were directed to first finalize national treasury support plans and then conduct feasibility studies after opening the entire Seoul Outer Ring Expressway.

The Guri City Special-Purpose High School Construction Project (36 billion won) was also designated for reexamination, citing the need to establish methods to secure national and provincial funds and adjust business plans taking into account local government jurisdictions.

Additionally, 15 projects including the Gimpo Yangchon Industrial Complex Development Project (761.8 billion won), the Icheon Pyogyo-Eonong Road Expansion and Extension Project (110 billion won), and the Yongin Han River System Sewage Pipe Network Maintenance Project (103.4 billion won) received conditional approval decisions citing the need to supplement funding plans.

A Gyeonggi Province official stated, "Projects requiring reexamination cannot in principle be included in next year's budget," adding, "They must prepare funding acquisition plans and undergo review again."

Meanwhile, projects subject to government investment and financing review are those with 20 billion won or more in investment that depend on national treasury or private funding sources, while event-related projects such as festivals are subject to review if they are 1 billion won or more.