South Korea to Utilize State-Owned Properties to Bolster Economy

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Yonhap News

SEOUL, Aug. 14 (Yonhap) — The South Korean government is looking for ways to take advantage of its state-owned properties to invigorate the economy and foster regional development, the Ministry of Economy and Finance announced Monday.

The country currently has about 1,300 trillion won (US$977.23 billion) in national assets, an increase from the 1,000 trillion won in 2016, according to the Ministry of Economy and Finance.

“The Yoon Suk Yeol government has decided to switch up its policy on the use of state-owned properties to maximize their potential in supporting the private sector and stimulating the economy. The government will continue to explore ways to utilize and develop public assets for the people and local governments,” said Finance Minister Choo Kyung-ho during a meeting of a committee on public assets.

The government launched a survey of state-owned properties in August with the aim of either better utilizing or selling unused and idle public lands and buildings, the ministry said.

In 2020, the government sold public properties worth 2.1 trillion won to private entities and local governments, it added.

As part of the plans, the government said it will create a searchable database of national properties such as prisons for filming locations for local movies and TV shows. Video footage and images of such facilities will be also available on mobile platforms by 2025, the government 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)

graceoh@yna.co.kr
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