Korea to launch development project for Olympic town of PyeongchangUpdated: 2014-01-13 06:28:39 (KST)
The Korean government has big plans for the Olympic town of Pyeongchang in Gangwon-do Province.
The local commission in charge of supporting the 2018 Winter Games held a meeting this past Friday, where it unveiled a comprehensive plan to invest 3.1 billion U.S. dollars into the town and its surrounding areas over the next two decades.
At the meeting, Prime Minister Chung Hong-won stressed the importance of preventing any waste in resources after the international event wraps up.
"This plan for a special Olympic district will play a role in hosting a successful competition and also act as a comprehensive blueprint to link regional development after the Games."
The large-scale development plan will cover some 40 projects, with most of the investments to be used during the period running up to Winter Games.
Pyeongchang will be designated a special district spanning more than 27 square kilometers, which will be divided into five special zones based on their regional features.
The main Olympic zone will act as a hub for regional development while other areas such as Jeongseong will be featured as an eco-friendly tourist destination.
The long-term focus will be on sustainable regional growth, with the creation of various sports facilities as well as expanded public infrastructure and transportation networks.
The Korea Research Institute for Human Settlements expects the ambitious plan to generate nearly 10 billion dollars in gross regional product and create over 260-thousand jobs by 2032.
Sohn Jung-in, Arirang News.
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