The government plans to select around 100 venues for its “urban regeneration new deal” program next year. 

The Ministry of Land, Infrastructure and Transport says around 30 sites will be announced in March with the rest to be disclosed in the second half of next year. 

Once designated, the respective venues will be refurbished to accommodate social and housing infrastructure. Facilities to assist the government’s innovative growth such as public rental spaces for startups will also be built. 

Regional areas whose backbone industries are suffering a setback will be given a priority in the selection of the sites. 

The new deal program is materializing President Moon Jae-in’s election pledge to inject 50 trillion won in his five-year term to regenerate around 500 less developed regions. Around 70 sites and 100 sites were selected last year and this year, respectively.