COUNTRY | South Korea
REGION | Asia
SECTOR | transport
QII Principles | Principle 1 Sustainable Growth & Development, Principle 2 Economic Efficiency, Principle 3 Environmental Considerations, Principle 5 Social Considerations, Principle 6 Infrastructure Governance
QII Sub-Principles | 1: SDGs, 1: Wider economic benefits, 2: Life-cycle costing, 2: Operation and maintenance, 3: Environmental Impact Mitigation, 3: Ecosystems, 3: Climate, 3: Weather, 3: Emissions, 5: Social Impact Assessment, 5: Job creation, 5: Universal access to services, 5: Social inclusiveness, 6: Procurement transparency, 6: Financial & debt sustainability, 6: Anti-corruption, 6: Legal and Regulatory Frameworks, 6: Institutional Framework of infrastructure investment, 6: Transparency of infrastructure investment, 6: Enabling Environment, 6: Policy
Cost: 4.4 billion USD(5.2 trillion KRW)
Size: Single track high-speed railway/full extension L=174.2km,
Eight station(Gimcheon Station, Sungju Station, Hapcheon Station, Jinju Station, Goseong Station, Tongyeong Station, Geoje Station, Masan Station)
Parties involved (public and private): 100% public finance
Relevant contractual details (type, length etc.): Conventional Procurement
Context: As a part of a Balanced National Development project, the project is planning to build a 174.2km long railway starting from Gimcheon, Gyeongsangbuk-do to Geoje, Gyeongsangnam-do.
Aim(s) of the project: The project expects to promote restructuring of the shipbuilding industry, create regional-based jobs by fostering the southern coast tourism industry, support overcoming of the regional economic crisis, and contribute to balanced national development.
Key dates including procurement, construction, operations
- Procurement: : 4.4 billion USD is public financed through 8 years
- Construction: 2019~2026 (8 years)
- Operation: KOREA RAILROAD
Relevance to QII
Principle 1: Sustainable Growth & Development:
The project allows the inland areas of South Gyeongsang Province to expand accessibility to western South Gyeongsang Province by constructing a new railway linking the Seoul metropolitan area with the inland of South and North Gyeongsang Province and the southern coasts.
Principle 2: Economic Efficiency
The project is able to reduce travel time to North and South Gyeongsang Province and the Seoul metropolitan area by constructing railway transportation network including railroads, stations, and offshore bridges.
Principle 3: Environmental Considerations:
The project is constructed under the transportation planning policy which considers an establishment of a low carbon green growth railroad transportation system and implementing eco-friendly transportation policies to reduce carbon emission and save the energy.
Principle 5: Social Considerations:
The project is expected to connect 12 cities over 2 provinces resolving regional economic disparity developing regional tourism industry by promoting clean natural environment.
Principle 6: Infrastructure Governance:
Included in the Fourth National Territory Plan(2011~2020), Third National Rail Network Plan(2016~2025), related provincial and local government‚Äôs plan, the project is in line with the relevant government plans and also in accordance with the government policy direction.
Highlights and Expected benefits:
- Improve inter-regional connectivity
- Improve accessibility and reduce travel time to North and South Gyeongsang Province and the Seoul metropolitan area
- Expansion of accessibility to the southern coast
- Create regional-based jobs
The project is in The budgeting process conducting evaluation of project Plan.
Name of Institution
Korea Development Institution, Public and Private Infrastructure Investment Management Center