Thursday, February 14, 2008

[The Chosun Ilbo, February 11 2008] What to Do With W230 Tril. in Gov't Projects

It looks like the new government will take on around W230 trillion-worth of major construction projects from the time it takes office later this month to 2011 (US$1=W942). No wonder many are worrying already about a looming shortage in construction materials.

Most of those are projects that have been initiated by the Roh Moo-hyun administration. There is the Multifunctional Administrative City, 10 "Innovation" cities, six "Enterprise" cities, 10 new towns in the capital region, free economic zones and a new headquarters for U.S. military forces in Korea to replace the existing one in Seoul. Also included on the list of large government construction projects are the Grand Canal and the development of the Saemangeum landfill.

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