Korea industry minister reviews Chungcheong mega-project investment progress

South Korea's industry minister said Thursday he would keep personally overseeing a 392 trillion won ($293 billion) advanced-industry investment programme in the Chungcheong region, as he chaired the fourth meeting of a public-private task force set up to keep the projects on schedule.

The task force, launched on July 3 to support the 392 trillion won investment announced at a July national briefing in the Chungcheong region, held its first meeting on July 30, its second on Sept. 2 and its third on Sept. 10. Earlier meetings shared companies' investment plans and requests and reviewed permitting by each local government.

At Thursday's meeting, the investing companies shared where their projects stand and raised difficulties tied to their investment timetables, including permits and infrastructure such as electricity and water. Local governments reported on the permits under review for each company, and it was agreed that tasks requiring coordination among several agencies would be worked through the task force.

"For large-scale investment, execution on the ground is as important as drawing up the investment plan," Minister Kim Jung-kwan said. "The government will firmly back fast-track permitting for investment, a stable supply of electricity and water, and a system that responds immediately to companies' difficulties." He added that the government would focus support on a package of seven core policies covering incentives, taxes, workforce and living conditions, and that he would stay with the project until it became a successful model of the country's balanced development strategy.

The industry ministry said it would manage the difficulties and requests raised at the meeting by task, together with the relevant ministries and local governments, and keep checking on their implementation through the task force.