Seoul: The government is seeking to double to 100 billion won (US$72.5 million) the threshold for social overhead capital (SOC) projects that require preliminary feasibility studies, the finance ministry said Thursday. This change would allow projects below the new threshold to proceed at an earlier date.

According to Yonhap News Agency, government-funded infrastructure projects currently exceeding 50 billion won are subject to mandatory feasibility studies, a process that typically takes several months. The proposed revision, which requires parliamentary approval, was announced during a meeting of economy-related ministers presided over by Finance Minister Koo Yun-cheol.

Under the new plan, SOC projects would need to undergo feasibility reviews only if their total cost reaches 100 billion won or more, or if government funding exceeds 50 billion won. This marks the first time the government has initiated a revision to the system since its introduction in 1999.

The government also plans to expedite the execution of this year's 26 trillion-won SOC budget. In addition, the government is reviewing ways to revise the evaluation criteria for feasibility studies to promote balanced regional development.

Proposed measures include increasing the weight of evaluation items for projects located outside of the capital region or overhauling the overall evaluation framework. During the meeting, Koo stressed the importance of addressing regional disparities, noting that infrastructure and resources remain heavily concentrated in the capital region.

Under the plan, the government aims to create additional demand for housing in provincial areas through public land purchases and tax incentives. Since taking office, President Lee Jae Myung has pledged efforts to promote balanced regional development, indicating that the government will provide more budgetary support for regions outside of the capital area.