SEOUL, Aug. 14 (Yonhap) — South Korea is taking steps to make more effective use of its state-owned properties in an effort to stimulate economic growth and development in the region, the Ministry of Economy and Finance announced Monday.
The nation has an estimated 1,300 trillion won (US$977.23 billion) in national assets, a figure that has increased from 1,000 trillion won in 2016, according to the Ministry.
“The government had long focused on maintaining and managing state-owned properties, which led to a failure in meeting public demand and expectations regarding their usage,” Finance Minister Choo Kyung-ho said during a meeting of a committee on public assets.
“The Yoon Suk Yeol government has decided to shift the policy path on the issue to fully utilize them for supporting the private sector and the economic revival. The government will continue to push for ways to use and develop public assets for the people and local governments,” he added.
Finance Minister Choo Kyung-ho (C) speaks while presiding over a meeting of a committee on state-owned properties at the government complex in Sejong on Aug. 14, 2023. (Yonhap)
The government initiated a survey of state-owned properties in August in order to either more effectively utilize or sell unused and idle public lands and buildings, the ministry said.
As part of the plans, the government said it will create a searchable database of national properties like prisons for filming locations for local movies and TV shows. Video footage and images of such facilities will also be available on mobile platforms by 2025, the government added.
Some idle buildings and facilities will be turned into spaces for young people and lent to private entities. The government is also pushing for measures to boost sales by simplifying administrative procedures and providing tailored consulting services to potential buyers.
Last year, the government announced a plan to sell public assets worth 16 trillion won and more over the next five years to bolster public finances. It sold public properties worth 2.1 trillion won to private entities and local governments in 2022, the ministry said.
This file photo, provided by the government office of Jangheung County on Aug. 25, 2018, shows a former prison in the southwestern town. (PHOTO NOT FOR SALE) (Yonhap)
The South Korean government is aiming to make active use of its state-owned properties to help stimulate the economy and promote regional development. Finance Minister Choo Kyung-ho stated that the government is shifting its policy path to maximize the utilization of these properties for the people and local governments. A survey of state-owned properties has been launched to better utilize or sell unused and idle public lands and buildings. The government has also created a searchable database of national properties, such as prisons, for filming locations. Furthermore, idle buildings and facilities will be turned into spaces for young people and lent to private entities. Last year, the government announced a plan to sell public assets worth 16 trillion won and more over the next five years to bolster public finances.