South Korea’s finance ministry is planning 17 trillion won ($14.7 billion) worth of private infrastructure projects this year, according to a Korean news sources.
The investments will be made in major railways and roads, environmental businesses and private infrastructure, according to Yonhap News Agency. The government said it is planning 35 private infrastructure projects worth 16 trillion won ($13 billion) this year, a significant increase from the 13 it started last year, valued at 12.6 trillion won ($10.8 billion).
South Korea follows a slew of other countries that are scaling up their investments infrastructure via massive spending plans.
In December, India announced plans to invest $1.39 trillion in infrastructure as part of an effort to spur economic growth within the country. Australia, Mexico and the United States also have announced their own pipelines