The government will expand the total area of greenbelt zones eligible for development, marking the first such expansion in 17 years, acting President Choi Sang-mok said Tuesday.
This decision, the first of its kind since 2008, is part of the government's efforts to stimulate investment amid an anticipated economic slowdown driven by unfavorable trade conditions, political uncertainties and a sluggish recovery in domestic demand.
"This initiative will actively support various strategic projects at both national and regional levels, including industrial complexes, logistics hubs and urban development projects," Choi said during a meeting with ministers on economic affairs.
The specific areas and projects eligible for the lifting will be finalized and announced following approval at a Cabinet meeting scheduled for later in the day.
Choi also highlighted the government's plan to introduce various incentives to promote corporate investment in underdeveloped regions, emphasizing the significance of special economic zones. (Yonhap)
