President Yoon Suk-yeol instructed Minister Won Hee-ryong of the Ministry of Land, Infrastructure and Transport (MOLIT) to minimize inconveniences people experience while commuting by expanding transportation networks, such as the great train express (GTX) lines in the Seoul metropolitan area.
President Yoon received a briefing on the new government’s policies related to MOLIT from Minister Won at the Presidential Office on July 18.
President Yoon called for attaching top priority to housing stability and housing welfare, core parts to stabilize the public’s livelihoods, presidential spokesperson Kang In-sun said. President Yoon told Minister Won to advance the opening of the GTX-A line, which will connect Paju to Dongtan.
MOLIT Minister Won made a presentation on core tasks, to be implemented by the ministry during this year, to President Yoon.
MOLIT plans to implement projects with a focus on areas with high demand on apartments, such as downtown sections of Seoul and other cities, districts with a good access to GTX lines, and third satellite city zones of the Seoul metropolitan area to effectively increase the supply of apartments.
The ministry decided to introduce the private sector-initiated urban multi-purpose development project system in which the private sector is offered incentives such as faster permits and licenses, tax benefits and regulatory relaxation, similar to ones given to public entities such as LH and SH.
MOLIT decided to introduce the private sector-initiated urban multi-purpose development project system to increase the supply of apartments before it is to announce a road map to supply 2.5 million plus alpha apartment units in August.
The new system is in line with the expanding of the scope of the former president Moon Jae-in government’s urban public housing multipurpose project to the private sector.
If reconstruction and redevelopment cooperatives, trust companies or REITs make contributions such as land donation and rental housing construction, they will have greater business feasibility with incentives such as the relaxation of floor area ration, simplified permission and license process and tax benefits.
If residents want, projects will be changed into ones, to be done under the private sector-initiated urban multi-purpose development project system.
President Yoon told Minister Won to take steps to cope with a possibility of jeonse deposit money hike in connection with the three laws on lease and rental, marking two years in force in August.
Minister Won cited steps to ease the financial burden for young generation people who had purchased houses with the possible amounts of loans as much as possible.
President Yoon told Minister Won to make efforts to build a foundation to repeat “Korea’s construction boom in the Middle East,” which played a pivotal role in helping the nation rebound from oil shocks several decades ago.
MOLIT plans to nurture “K-smart infrastructure,” designed to implement railway, airport and urban development projects employing mobility and smart technologies, Korea’s strengths, into a national strategic industry and expand efforts to land overseas construction project orders.
The ministry plans to come up with comprehensive steps to attain “Korea’s second construction resurgence” by making the most of new opportunities such as the Middle East with benefits of crude oil price hikes, Asia under the regime of the Indo-Pacific Economic Framework and the reconstruction of Ukraine and Iraq.
MOLIT plans to introduce a flexible taxi charge system to ease the difficulties customers experience in catching taxis during nighttime.
The introduction of the flexible taxi charge system is designed to induce more drivers to operate their taxis by raising taxi fares when the demand peaks between 10 p.m. and 2 a.m.
The ministry plans to work out a mobility innovation road map in August to advance commercialization of urban air mobility (UAM) and self-driving cars.
The master plan calls for making Korea the world’s third country to commercialize a Level 3 self-driving car this year, following Japan and Germany. Korea targets commercializing UAM by 2025 and Level 4 self-driving car by 2027.
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