Industry minister reviews W392tr Chungcheong investment push

Minister of Trade, Industry and Energy Kim Jung-kwan chaired the fourth meeting of the "Chungcheong Advanced Strategic Industry Leap Forward" public-private joint task force at the Korea Trade Insurance Corporation in Jongno-gu, Seoul, on Thursday, reviewing the progress of investment commitments in the region.

The meeting brought together companies involved in the Chungcheong mega-project, local governments from the region and officials from related ministries. Participating firms shared updates on their investment progress and raised concerns about permits, licensing and infrastructure such as power and water supply. Local governments outlined the status of permit processing for each company and their plans going forward, and agreed to work through the TF alongside related ministries to resolve issues requiring coordination across multiple agencies.

The TF was established to support the implementation of the 392 trillion won ($293 billion) mega-project investment announced at the government's "Chungcheong Advanced Industry Development Vision Public Report" in July.

At the meeting, Kim reviewed investment progress and outstanding concerns from each company, as well as the status of permit processing by local governments, and discussed solutions with related ministries and local authorities. Participating companies shared their investment timelines and flagged permit, power and water infrastructure issues that need to be resolved to keep those schedules on track.

Local governments presented their permit-processing status and future handling plans for each company, and agreed to work with related ministries through the TF to address issues requiring multi-agency coordination.

The Ministry of Trade, Industry and Energy plans to manage the concerns and requests raised at the meeting on a task-by-task basis together with related ministries and local governments, and will continue to monitor implementation through the TF.

"For large-scale investments, executing them without disruption on the ground is just as important as drawing up the investment plan," Kim said. "The government will firmly back the fast-track processing of investment-related permits, a stable supply of power and water, and an immediate-response system for corporate difficulties."

He added that the government would also focus on a seven-point core policy package covering incentives, taxation, workforce and living conditions needed for corporate investment. "We will respond immediately to difficulties that arise at company sites, and if necessary, I will consult directly with the relevant minister to find solutions," he said.

Kim said he would "follow through to the end to ensure the Chungcheong mega-project becomes a successful model for balanced development across the five poles and three special zones."