Yoon vows $983 mn investment to boost tourism in South Jeolla Province

S. Korea’s President Yoon Suk Yeol attends the 20th policy debate held in Muan-gun, South Jeolla Province, on Thursday. [Photo by Lee Seung-hwan]

South Korean President Yoon Suk Yeol unveiled plans on Thursday to build a superhighway similar to Germany‘s Autobahn in South Jeolla Province as part of a measure to boost the region’s economic development.

“We will construct a superhighway such as that of Germany’s Autobahn in the 47 kilometer section from Yeongam to Gwangju by spending approximately 2.6 trillion won ($1.97 billion),” Yoon said during a government-public debate on livelihood issues on Thursday.

Yoon also unveiled plans to accelerate the construction of a separate highway linking Wando and Gangjin, which is expected to improve regional connectivity and tourism convenience.

Once completed, the 38-kilometer section of the Wando-Gangjin Expressway will reduce travel time by 20 minutes. The project is currently undergoing preliminary feasibility studies.

The government also plans to invest a total of 1.3 trillion won by 2033 to innovate the tourism industry in South Jeolla Province.

Under the plan, the government will create a world-class tourism and leisure belt by combining the maritime and ecological resources as well as cultural and artistic assets of the region.

The government has already allocated a budget of 27.8 billion won for the design and planning of 62 projects for 2024.

The government will also establish a space industry cluster in South Jeolla Province, as part of a project to build a space industry cluster triangle in the country that passed the preliminary examination in August 2023.

The focus is on establishing a specialized space launch vehicle zone in the region to support commercial launches by domestic companies by constructing private launch pads and assembly facilities.

It will also facilitate business incubation, testing, evaluation, and certification through the establishment of a technology commercialization center.

The government plans to build a national industrial complex for space launch vehicles spanning approximately 1.73 million square meters in Goheung, with the goal of completion by 2030.

Goheung was selected as one of the candidate sites for a new national industrial complex to foster high-tech industries in March 2023.

The recent exemption of preliminary feasibility studies for a national industrial complex for space launch vehicles is expected to give momentum to creating the Goheung complex.

The government will also create an advanced agricultural industry convergence zone in Muan and Hampyeong to promote digital innovation and technological advancement in the country’s agriculture industry through the utilization of artificial intelligence (AI) and big data.

The convergence zones are expected to not only advance domestic smart agriculture but also serve as a springboard for overseas market expansion, particularly into the Middle East.

“We will secure the competitiveness of our future agricultural and livestock industry while creating new added value through digital innovation and technological advancement,” Yoon said.

Moreover, the government will designate Gwangyang, Suncheon, Yeosu, Mokpo, and Haenam as special opportunity development zones to attract business investment.