ID :
202010
Thu, 08/18/2011 - 05:25
Auther :
Shortlink :
https://oananews.org//node/202010
The shortlink copeid
S. Korea struggles to raise funds for relocation of U.S. bases
SEOUL, Aug. 18 (Yonhap) -- South Korea is struggling to raise funds for the planned relocation of U.S. troops to an expanded base south of Seoul, hit by a weak property market amid a stagnant economy, officials said Thursday.
The allies have agreed to relocate bases of U.S. Forces Korea (USFK) in and north of Seoul to the new military facilities in Pyeongtaek, some 70 kilometers south of the capital, by the end of 2016.
Under the agreement, South Korea must shoulder some 8.86 trillion won (US$8.28 billion) for moving the U.S. bases to Pyeongtaek and plans to raise a portion of the cost by selling the returned U.S. bases north of Seoul to local governments.
The plan has hit a snag, however, as the South's defense ministry is finding it hard to search for buyers for the returned U.S. bases because of the depressed property market, officials said.
Of the 14 returned U.S. bases in Gyeonggi Province put up for sale, only four bases, including Camp Sears and Camp Falling Water, have been sold. So far, the ministry has raised some 200 billion won by selling the returned U.S. bases.
"There is no change in the plan to raise funds for the relocation of U.S. military bases to Pyeongtaek by selling the returned U.S. bases," said a ministry official involved in the relocation project.
"However, sales of the returned bases have been delayed as local governments are having a difficult time proceeding with their construction projects due to a stagnant economy," the official said on the condition of anonymity.
The timeline for relocating U.S. bases in South Korea, part of a global U.S. troop realignment for strategic flexibility, had been readjusted several times because of slow construction at Camp Humphreys in Pyeongtaek and funding concerns.
When fully expanded, Camp Humphreys will become the main hub of the U.S. military in South Korea.
The U.S. keeps some 28,500 troops in South Korea as a deterrent against North Korea, a legacy of the 1950-53 Korean War that ended in a cease-fire, leaving the two Koreas technically at war.
(END)
The allies have agreed to relocate bases of U.S. Forces Korea (USFK) in and north of Seoul to the new military facilities in Pyeongtaek, some 70 kilometers south of the capital, by the end of 2016.
Under the agreement, South Korea must shoulder some 8.86 trillion won (US$8.28 billion) for moving the U.S. bases to Pyeongtaek and plans to raise a portion of the cost by selling the returned U.S. bases north of Seoul to local governments.
The plan has hit a snag, however, as the South's defense ministry is finding it hard to search for buyers for the returned U.S. bases because of the depressed property market, officials said.
Of the 14 returned U.S. bases in Gyeonggi Province put up for sale, only four bases, including Camp Sears and Camp Falling Water, have been sold. So far, the ministry has raised some 200 billion won by selling the returned U.S. bases.
"There is no change in the plan to raise funds for the relocation of U.S. military bases to Pyeongtaek by selling the returned U.S. bases," said a ministry official involved in the relocation project.
"However, sales of the returned bases have been delayed as local governments are having a difficult time proceeding with their construction projects due to a stagnant economy," the official said on the condition of anonymity.
The timeline for relocating U.S. bases in South Korea, part of a global U.S. troop realignment for strategic flexibility, had been readjusted several times because of slow construction at Camp Humphreys in Pyeongtaek and funding concerns.
When fully expanded, Camp Humphreys will become the main hub of the U.S. military in South Korea.
The U.S. keeps some 28,500 troops in South Korea as a deterrent against North Korea, a legacy of the 1950-53 Korean War that ended in a cease-fire, leaving the two Koreas technically at war.
(END)
