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The South Korean government will invest total 28.9 trillion won ($24.4 billion) in road infrastructure by 2020 on hopes that its social overhead projects will not only alleviate traffic congestion across the country but also prop up the country’s sluggish economy.
The Ministry of Land, Infrastructure and Transport on Thursday unveiled a national road construction plan to build 13 new national expressways that will add 288.7-kilometer expressway across the country and extend 10 existing expressways by 165.7 kilometers by 2020. Under the plan, the state will construct new beltways around metropolitan cities as well as underground and service roads to reduce traffic backups, the ministry said.
The new expressway upgrade plan is part of the state’s five-year road plan that it embarked on last year to upgrade national roads. Currently, 36 national road upgrade projects are under construction and combined with the 23 new projects, total 59 road infrastructure construction projects that will cost total 28.9 trillion won - including 7.4 trillion won to be injected into the 23 new road projects - will be carried out by 2020.
The ministry expected the road upgrade SOC projects would help to generate 85.5 trillion won worth of the economic growth and create 290,000 new jobs.
Once the projects are completed, the combined length of national expressway will reach about 5,000 kilometers and the traffic congestion will be eased off by 49.4 percent, the ministry projected.
By Ko Jae-man
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Jan. 12, 2017)