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S. Korea to draw up private sector infrastructure projects worth 17 tln won

According to Yonhap News,

SEJONG, Jan. 14 (Yonhap) -- South Korea will draw up private sector infrastructure projects worth 17 trillion won (US$14.7 billion) this year in a bid to spur an economic recovery through investments, the finance ministry said Tuesday.

Vice Finance Minister Koo Yun-cheol made the remarks at a meeting with relevant officials on infrastructure projects earlier in the day.

Among the new infrastructure projects under review are 13.5 trillion won worth of major roads and railways and 3.5 trillion won worth of environment-related businesses, Koo said.

Separately, the government will begin 35 private sector infrastructure projects worth 16 trillion won from this year, Koo said.

Last year, the government started 13 private sector investment projects worth 12.6 trillion won, Koo said.

Finance Minister Hong Nam-ki has said the government will implement its economic policy this year to invigorate investment and create more jobs.

The economy is expected to grow 2.4 percent this year, following last year's estimated 2 percent expansion, on the back of an anticipated recovery in the memory chip sector and a series of policy measures, according to the ministry.

As part of the government's drive to spur investments, about 100 trillion won worth of investments will be made through large-scale corporate projects, public sector projects and private investment in public projects this year, the ministry said.

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Source: Yonhap News (Jan. 14, 2020)

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