Finance Minister Choi Sang-mok speaks during a conference in Yeouido, Seoul, to mark the 30th anniversary of a bill enacted to attract private investment in social overhead capital projects, Nov. 11. Yonhap

A conference opened in Seoul on Tuesday to commemorate the 30th anniversary of a bill enacted to attract private investment in social overhead capital (SOC) projects.

The two-day event, co-hosted by the finance ministry and the Korea Development Institute, a state-run think tank, was held at a hotel in Seoul to celebrate the enactment of the Act on Promotion of Private Capital in Social Overhead Capital Facilities, which was introduced in 1994.

Over the past 30 years, 853 SOC projects led by the private sector have been initiated in areas such as highways and railroads, totaling 146 trillion won ($103.7 billion), the ministry said.

"While private investment in the past 30 years has primarily supported economic growth through large-scale transportation infrastructure, like roads and railways, the next 30 years will focus on dynamic, innovation-driven growth led by the private sector," Finance Minister Choi Sang-mok said in his opening remarks.

The conference brings together a total of 300 participants from government, academia and international organizations, including high-level officials and ambassadors from around 30 countries, according to the ministry.

The participants will discuss challenges and future directions for the private investment system, the ministry said. (Yonhap)