Seoul to invest W48.7tr through 2030 to be more global and inhabitable

Seoul city government will invest 48 trillion won ($40.8 billion) through 2030 to grow South Korea’s capital into a competitive and more habitable global city.

In a master plan named “Seoul Vision 2030” unveiled Wednesday, Seoul Mayor Oh Se-hoon said his government will start working to tackle growing inequality and bring regulatory reforms to make improvements in Seoul’s housing, jobs, education and social welfare.

The city government is setting 78 administrative objectives under 16 strategic goals with an emphasis on fairness and revitalization.

“Passively responding to problems cannot be a solution to help the city grow, and that’s why we made the master plan with ample discussion among administrative officials, experts and Seoul citizens,” Oh said Wednesday in unveiling the plan at Seoul City Hall.

“We need a clear vision, like what we have prepared today, to really pursue growth and actively tackle problems of today and make improvements that will be essential for Seoul’s success and global competitiveness in the future.”

Under the master plan, the city government will supply 500,000 housing units by 2030 by providing regulatory relief and expediting approvals for reconstruction plans. Seoul will also inject funds to build new startup towns and clusters for jobs to be created and vitalize old neighborhoods.

Outlining a vision to bring Seoul up to No. 5 in the world in terms of competitiveness and have 40 unicorn startups in the city by 2030, Oh said the Seoul city government will form its own investment entity next year and actively make investments in promising firms.

The mayor also looks to make improvements to Seoul’s traffic infrastructure to accommodate urban air mobility while opening a digital finance support center by 2025 to attract foreign financial institutions to relocate to Seoul.

The city also plans to start its own version of a basic income support plan as a social welfare measure. A trial to provide allowances of up to 50 percent of the amount one falls short of the standard income is planned.

Oh added Seoul will also cut 40 percent of greenhouse gas emissions by 2030 and reach carbon neutrality by 2050, while creating an additional 180,000 square meters of forest and opening 157 kilometers of walking paths for citizens to use.

The city government expects it will need 48.7 trillion won for the initiatives to be fulfilled.

By Ko Jun-tae (ko.juntae@heraldcorp.com)