S. Korea to inject US$ 1.2 bil. for nationwide urban regeneration project

  • 5 years ago
이총리, 도시재생 22곳 선정... 2023년까지 1.4조원 투자

South Korea is investing heavily in urban regeneration... as part of efforts to improve the social infrastructure of outdated urban areas across the nation.
The project is also expected to boost the local economy and create more jobs.
Our Cha Sang-mi has the details.
The South Korean government has designated 22 new areas for urban regeneration for the first half of this year.
It comes as part of government plans to inject over 12 billion U.S. dollars to revitalize the local economy by 2023.
Prime Minister Lee Nak-yon, during the special urban regeneration committee meeting on Monday, said South Korea's cities were built when the economy was growing rapidly and the population was rising, but that the cities are now growing old.
"By next year, 40 percent of our buildings will be over 30 years old. Urban regeneration will rise as an issue as important as constructing new buildings."
The transport ministry said it will select an additional hundred areas for urban regeneration this year, of which 30 percent will be selected during the first half of the year and the 70 percent... in the latter half.
The project is mainly divided into two types: improving the residential environment and forming innovative clusters.
The project areas are dispersed throughout the nine provinces of Korea, including Gyeonggi-do and Gangwon-do Provinces.
The goals of the project?
To improve housing welfare and quality of life by repairing residential environments, and expanding parking lots, libraries and care homes... and to restore urban areas by turning old downtown areas into innovative clusters that combine entrepreneurship, culture and administrative functions.
The government believes the project will create jobs and attract visitors to the rejuvenated areas.
The project also aims to help integrate local people and restore communities.
As well as financial support, the government will help these projects through other means such as deregulation.
Cha Sang-mi, Arirang News.

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