1. Traffic Situation and Problems in Greater Seoul Metropolitan Area
The average, one-way commute time to and from Seoul during rush hours exceeds 1 hour.
•Commutes are longer when traveling by subway versus passenger vehicle.
•When commuting by subway, express-train services are limited.
2. GTX Project Overview
• When the metropolitan-based regions are more efficiently connected, commuting will be faster and more relaxing, which will make the regions more attractive and increase their competitiveness.
• To reduce commuting times between metropolitan-based regions and central Seoul to in about 30 minutes.
• Promotes the formation of an industrial hub surrounding the metropolitan area
- MICE Industry(Samsung, KINTEX)
- Int’l Finance Industry(Yeoui-do, Song-do)
- IT Industry(Samsung, Seongnam) and Etc.
3. Expected Improvements to Transportation Services
Once the GTX network is established, traveling times between Seoul and metropolitan regions will be reduced.
• Population growth in the regions that can access central Gangbuk (Northern Seoul: City Hall Station) in about 30 minutes (based on actual time spent traveling by train).
- Incheon-Gyeonggi region experiences a rapid population increase from 1.16 million 3.3 million.
- When the inner-Seoul city area is included, it becomes accessible for 11.6 million people in the metropolitan area.
• Population growth in the region that can access central Gangnam (Southern Seoul: Gangnam Station) in about 30 minutes (based on actual time spent traveling by train).
- Incheon-Gyeonggi region experiences a rapid population increase from 1.89 million 4.6 million.
- When the inner-Seoul city area is included, it becomes accessible for 12.1 million people in the metropolitan area.
Social Cost Savings Effect
• When the GTX network is established, based on commuting time, it is expected to save time for 120,000 people.
- If the commute time is calculated at 10,000 won/hour, it will save commute time costs of 400 billion won/year.
- Applying the value to the total traffic, it will have saved 1 trillion won per annum in commute time costs.
• According to the conversion demand at about 200,000 per day, it is expected to save social costs nearly 1.5 trillion won a year
- About 70% of the total is credited to reduce travel time cost benefits
- About 25% of it is credited to reduce vehicle operation cost benefits
- About 5% of it is credited to reduce traffic accident cost benefits, environmental pollution cost benefits, and etc.
• Reduced social costs contribute to greater industrial competitiveness in connection with improved labor productivity