Ministry of Strategy and Finance Approves Daegu K-2 Military Airport Relocation Project
On the 14th, the Ministry of Strategy and Finance inaugurated the National Property Policy Discussion Committee and successfully finalized the business plan. This marks the official recognition of the business feasibility of the Daegu K-2 Military Airport Relocation Project, a project that has been a long-standing aspiration of residents for 60 years. The target for completion has been set for the year 2030, with Daegu City planning to select a business agent in the second half of this year, triggering the project’s progression.
Project Receives Official Recognition
The Daegu K-2 Military Airport Relocation Project successfully cleared the Ministry of Strategy and Finance’s donation project review on the 14th. The approval signifies the formal acknowledgment of the project’s feasibility by the Ministry. With a total cost of 11.5 trillion won, it is the largest-scale project among all donations and loans.
During the National Property Policy Discussion Committee, held at the Sejong Government Complex on the same day, Deputy Prime Minister of Economy and Minister of Strategy and Finance Chu Kyung-ho presided over the proceedings. In his statement, he emphasized the significance of the project, stating that it not only ensures national security but also contributes to the development of the Daegu-Gyeongbuk region while addressing the long-standing wishes of nearby residents.
Following close consultations between the central government, local authorities, and the private sector, Choo Kyung-ho expressed confidence in the successful completion of the project by 2030. The project involves the construction of the Daegu-Gyeongbuk New Airport, funded by the government as a gift, while also including the relocation of the military airport. The old military airport site will be transferred to Daegu City by the Ministry of National Defense, while the new private airport will be built using state funds under the supervision of the Ministry of Land, Infrastructure, and Transport.
Gift Loan Project Formalization
The approval of the gift loan project marks the official formalization of the Daegu-gun airport relocation project plan. It entails a comprehensive review of the project’s feasibility, land use plan, historical site utilization, and the suitability of the gift loan method. This approval can be considered equivalent to the handing over of the preliminary feasibility study of the financial project.
The Ministry confirmed the property value at 11.5 trillion won, taking into account the rate of inflation. Moreover, the city of Daegu’s ‘NEW K-2’ development plan, published on June 27, aligns with the given property’s scale. The enforcement of the ‘Special Act on the Construction of the New Daegu-Gyeongbuk Airport’ on the 26th will further facilitate the project by providing a solid basis for government support, particularly in cases where the construction cost of alternative facilities and project cost support exceeds the transferred property.
Promising Future Development
With the start of construction planned for 2025, the city aims to expedite subsequent administrative procedures. Their priority is to enter into a memorandum of agreement with the Ministry of National Defense in the second half of this year. This agreement will cover the size of the base and support facilities to be relocated, as well as the appropriateness of functional replacement. Additionally, Daegu City, as the project operator, will apply for project plan approval from the Ministry of National Defense and initiate the process of selecting a project agent, such as establishing a special purpose corporation (SPC).
The completion of the Daegu-Gyeongbuk New Airport by 2030 will pave the way for the development of the surrounding area into a high-tech logistics and industrial complex, along with an eco-friendly sky city. The K-2 County Airport site, serving as a world-class waterfront landmark connected to the Kumho River, will be transformed into a tourism and commercial center. It will embrace forward-thinking approaches, incorporating innovative deregulation and infrastructure, including advancements in Urban Air Mobility (UAM), robotics, and autonomous driving.
Mayor of Daegu, Hong Joon-pyo, affirmed the city’s commitment to quickly completing the new airport, which will serve as the foundation for the prosperity of Daegu and Gyeongbuk over the next 50 years. The goal is to establish a high-tech logistics and passenger airport, positioning Daegu as one of the three largest cities in Korea once again.
On the 14th, the Ministry of Strategy and Finance opened the National Property Policy Discussion Committee and completed the business plan… Official recognition of business feasibility
Kyongho Choo “National security and regional development, a project to solve the long-cherished wishes of residents for 60 years”
Open target 2030… Daegu city “selection of business agent in the second half of this year” trigger
Deputy Prime Minister of Economy and Minister of Strategy and Finance Chu Kyung-ho (right) presides over the National Property Policy Discussion Committee held at the Sejong Government Complex in Sejong City on the afternoon of the 14th. random news
The Daegu K-2 Military Airport Relocation Project passed the Ministry of Strategy and Finance’s donation project review on the 14th. The much-desired military airport relocation project has been officially recognized for its feasibility by the Ministry of Strategy and Finance.
The total cost of the project approved on this day is 11.5 trillion won, the largest scale among all donations and loans.
The Ministry of Strategy and Finance held a National Property Policy Discussion Committee at the Sejong Government Complex on the same day and finally approved the ‘Daegu-gun Airport Relocation Business Plan (Grant-Lease)’.
Deputy Prime Minister for Economy and Minister of Strategy and Finance Choo Kyung-ho emphasized on the day, “This project is an important project that simultaneously ensures the security of the Republic of Korea and the development of the Daegu-Gyeongbuk region, while also solves the 60-year-old wish of nearby residents.”
“Based on close consultations between the central government, local governments and the private sector, we will systematically manage the project so that it can be successfully completed by 2030,” he added.
Daegu-Gyeongbuk New Airport, which will be built in Sobo-myeon, Gunwi-gun, Daegu-si, and Bian-myeon, Uiseong-gun, Gyeongsangbuk-do, will be promoted as a project funded by the government for the private airport and military airport as a gift.
Instead of building a new military airport and giving it to the Ministry of National Defense, an old military airport site is transferred by the Ministry of National Defense to Daegu City. The private airport to be built together will be built by the Ministry of Land, Infrastructure and Transport with state funds.
Approving the gift loan project is the formalization of the project by reviewing the feasibility of the Daegu-gun airport relocation project plan and the plan to use the historical site, and the suitability of the gift loan method, and has the same meaning as handing over’ the preliminary feasibility study of the financial project.
As a result of the discussion, it was confirmed that the property given was 11.5 trillion won, which reflects the rate of inflation. Regarding the land use plan for the later sites, the ‘NEW K-2’ development plan published by the city of Daegu on June 27 was originally approved on the same scale as the given property.
In addition, in accordance with the ‘Special Act on the Construction of the New Daegu-Gyeongbuk Airport’, which will be enforced on the 26th, when the construction cost of alternative facilities and project cost support exceeds the transferred property, the basis for receiving government support has been prepared, enabling the promotion of a stable business.
An artificial lake and landmark in the middle of the ruins of the K-2 airfield. The landmark incorporates the eastern and western peaks of Mt. Palgong (Photo is a bird’s eye view) Provided by Daegu City.
The city plans to expedite subsequent administrative procedures with the goal of starting construction in 2025.
First of all, he intends to sign a memorandum of agreement after consultation with the Ministry of National Defense on the size of the base and support facilities to be relocated and the appropriateness of functional replacement in the second half of this year.
Then, the project operator, Daegu City, applies for the approval of the project plan to the Ministry of National Defense, and begins the process of selecting a project agent, such as establishing a special purpose corporation (SPC).
With the opening of Daegu-Gyeongbuk New Airport in 2030, the city will develop the area around the airport into a high-tech logistics and industrial complex and an eco-friendly sky city.
The K-2 County Airport site will be built as a world-class landmark in a waterfront city connected to the Kumho River, and will be built as a tourism and commercial center where innovative deregulation and infrastructure in the future as UAM, robots, and autonomous driving are applied.
Hong Joon-pyo, the mayor of Daegu, said, “We will quickly complete the new airport, which will be the foundation of the prosperity of Daegu and Gyeongbuk for the next 50 years, as a high-tech logistics and passenger airport in the center and regions, so that Daegu can regain its status as one of the three largest cities in Korea.”
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