The budget for redevelopment in the reclaimed land around lengthy seawall Saemangeum in North Jeolla Province would exceed 890 billion won ($834.8 million) for the first time this year to groom the area as a hotbed for renewable energy sources and industry.

According to the provincial government on Tuesday, the budget for the Saemangeum development project has been set at 894.7 billion won this year, up 25.1 percent from a year ago. It is the first time for the budget to exceed 890 billion won.

The total budget for the Saemangeum development project has been set initially at 22 trillion won but progress had been slow due to average annual spending of around 650 billion won until last year.

The Moon Jae-in government that kicked off last year has included the reclamation project as one of the 100 economic agendas. Moreover, it wants to accelerate development in line with the government’s policy to shift energy sourcing to renewables from carbon-emitting and nuclear-powered fuel.

The vast land will host solar and wind farms and related research institutions and industries to turn the southern coast self-sufficient in energy.

The reclaimed land was primarily designed to draw industrial and agricultural and bio industries. Interest from tourism and leisure industry so far has been lackluster.

The industrial complex and area for agricultural science is currently in development by the Korea Rural Community Corporation.

By Park Jin-joo and Lee Eun-joo

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]