Gyeonggi Province to Invest 18.8 Trillion Won in Pyeongtaek Area Development

Gyeonggi Province is actively pursuing development projects in Pyeongtaek to protect the interests of residents in areas affected by the relocation of military installations due to the U.S. Forces Korea (USFK) base relocation and to promote regional development.

The province is planning and promoting a total of 87 projects worth 18.8 trillion won, including buffer greenery projects around the base and the opening of a road crossing Pyeongtaek Lake. Among these, 35 projects have been completed, including the creation of Pyeongtaek Sinjang and Anning parks, the construction of an inline pedestrian circulation road along Jinwicheon Stream, the construction of an International Exchange Center in Pyeongtaek, and the construction of a comprehensive social welfare and health center.

For the remaining 52 projects, the province is making every effort to ensure continuous and systematic project implementation through ongoing promotion of project necessity to the central government, on-site construction supervision, and inspection of project budget execution status to secure national funds and pursue projects at appropriate times.

The total project budget of 18.8 trillion won is comprised of 4.4 trillion won in national funds, 700 billion won in local funds, and 13.7 trillion won in public-private partnership project funds. As of 2013, 9.56 trillion won (51%) of the project budget has been supported.

In 2014, the province is securing and supporting 1.66 trillion won in project funds for 23 projects, and the 2015 annual Pyeongtaek development plan is scheduled to be finalized by the end of January this year.

The province expects that when all 87 projects are completed by 2020, Pyeongtaek's urban landscape will be transformed, and through the improvement of Pyeongtaek's infrastructure and resident convenience facilities, it will contribute to protecting the interests of residents in relocation areas and promoting regional development.