The government will step up development of public land next year to generate revenue and advance public interest, the country's chief economic policymaker said Tuesday.
   
At an event to mark the official opening of the Sejong National Research Complex, Finance Minister Choi Kyung-hwan said the state-run Korea Asset Management Corp. (KAMCO) will attract private investment to develop land owned by the Air Force in Yeouido, in downtown Seoul, as well as the central and Seodaemun tax offices.
   
"The government is committed to efficient use of state assets and will develop land so such efforts can serve the public interest and generate earnings," the senior official stressed. He pointed out that the 11 public land development projects carried out so far have all been beneficial to the state.
   
The Sejong research complex comprising of four 12-story buildings is the new home of 11 state-run thinks tanks, such as the Korea Institute for Industrial Economics and Trade, the Korea Institute for International Economic Policy, the Korea Labor Institute, and the Science and Technology Policy Institute. It was built by KAMCO under the Nara Kieum program that makes use of private funding to build various facilities and social infrastructure.
  
Related to the research complex built southeast of the Sejong Government Complex, and south of the Geum River, Choi stressed the 2,500 researchers will act as the vanguard for propelling the country to the next level of development.
  
"I have no doubt that researchers here will play a part in making the country a better and safer place to live by coming up with timely policies," the minister said.
   
The complex is built on 71,657 square meters of land and built at a cost of 198.4 billion won (US$172.3 million). (Yonhap)