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S. Korea to spend US$1.5 bil on Marinas

Staff Writer Propert Report
S. Korea to spend US$1.5 bil on Marinas - Korea - government - property investment - projects


The South Korean government said on Tuesday it will invest 1.7 trillion won (US$1.5 billion) into building dozens of marinas across the country over the next decade, as part of an effort to boost the maritime leisure industry and enhance the nation´s overall tourism sector.



The South Korean government has been seeking to build more marinas in order to draw tourists to the nation´s scenic seashores.

According to the Ministry of Land, Transport and Maritime Affairs, the government plans to develop a total of 43 marinas by the end of 2019. The number includes 16 facilities that are either under construction or were recently put into operation, it added.

Of the total, eight will be constructed along the shore of South Gyeongsang Province, with four each to be located in the Gyeonggi and North Gyeongsang provinces and the southern resort island of Jeju, the ministry said.

The move is a follow-up measure to a master plan unveiled last December in which the government said it will intensify efforts to stimulate South Korea´s tourism industry by easing regulations and fostering investment.

It is also in line with a government-led drive to boost the service sector, stimulate domestic consumption and job creation, as it tries to find a solid growth engine for the nation´s economy. Maritime tourism has been cited as a major service-sector opportunity, as the nation is surrounded by water on three sides.

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