Northeastern Asia Business Center to Be Established

The `Northeastern Asia Business Center` is likely to be established in the area linking Seoul to Yeongjongdo in order to make Korea the distribution center in northeastern Asia. Hence, local development plans, which have been promoted separately by local governments and departments including the Ministry of Finance and Economy (MFE), the Ministry of Construction and Transportation (MCT), the Ministry of Agriculture and Forestry (MAF), and Incheon city, will be integrated, and Social Overhead Capital (SOC) will be invested collectively.

According to MFE, MCT and Incheon city, they will prepare an overall development plan integrating local development plans of Incheon international airport, Kimpo reclaimed land, Ilsan of Koyang in Kyonggi province and Songdo of Incheon in order to establish the `Northeastern Asia Business Center` which President Kim Dae-Jung discussed in the New Year Press Conference. A draft of the plan will be completed by February.

An authority of the MFE said, "Independently promoted development plans so far will be collectively examined from the viewpoint of the construction of the Northeasten Asia Business Center. The grand convention center, exhibition hall, tour facilities will be set up by mid-long term plans and the area linking Seoul to Incheon international airport via Ilsan and Kimpo reclaimed land is the selected construction site."

Consequently, the recently launched `Northeastern Business Center Project Promotion` will provide a first sketch in February through the collective examination of the development plan for the Kimpo reclaimed land, which has been promoted by the Korea Agricultural and Rural Infrastructure Corporation, and the development plan for Incheon international airport vicinity by the government. This plan includes the development plan for Songdo New Town by Incheon city, and the development plan for Ilsan lake-park vicinity by Koyang city.

As a result of the integration of the local development plans, SOC investment plans of government are also likely to be integrated. An authority of MFE explained, "MCT is preparing another development plan for the Kimpo reclaimed land, reaching 4.8 million pyong, but cannot find an effective measure to collect the 700 billion won to be invested. The integration of the development plans may solve the problem of SOC investments in places like Kimpo reclaimed land."

Incheon city, which was worried about the conflicts between separately promoted development plans for Songdo New Town, Kimpo reclaimed land and Incheon international airport, welcomes the collective development plan. Park Man-Hee, chief of city planning section of Incheon city, said, "This plan on the whole might be effective in avoiding duplication of development plans and increasing the government`s SOC investment."

Joong-Hyun Park sanjuck@donga.com