The government is set to establish a new national asset management system that encompasses real estate, intellectual property, securities, investments, and virtual assets. This initiative aims to actively manage state-owned assets to enhance their value.
On August 5, the government announced the "K-Asset Innovation Project" during a meeting of the Emergency Economic Headquarters and the Economic and Structural Innovation Ministers' Conference.
To systematically manage national assets and utilize them for wealth creation, the government plans to completely revise the current National Property Act and enact the "National Asset Basic Law."
The legal framework will shift from a focus on ownership and preservation of state property to emphasizing active management and value creation of national assets. The new law will include a comprehensive management foundation that covers not only real estate such as land and buildings but also movable property, financial assets, intellectual property, and virtual assets.
The overall coordination function for national asset management will also be strengthened. The role of the central agency will be expanded, and the scope of tasks that various ministries can delegate to specialized institutions like the Korea Asset Management Corporation (KAMCO) will be broadened.
A "National Asset Management Committee" will be established, comprising public and private experts. This committee will review and decide on the comprehensive plan for national assets, the basic direction for asset management, and the appropriateness of applying special provisions.
The government will also tighten controls on asset management exceptions. In line with the intent of the basic law, it will strictly define the principles for allowing exceptions and establish a pre- and post-management system. A feedback system will be created to systematically evaluate the performance of asset management and utilization, reflecting this in future operational directions.
In line with the expanded scope of national assets, the functions and income-expenditure structure of existing funds related to national property will be reexamined. Plans to reform KAMCO's role in managing national property will also be considered.
An integrated database will be established to consolidate asset information held by the national and local governments and public institutions. This year, the government plans to link asset information from local governments and public institutions to the Digital Budget Accounting System (dBrain) and introduce an AI chatbot to support interpretations within the administrative network.
The government also plans to develop a dedicated AI-based database called "K-Asset Cloud" to support the utilization and development of national assets. To this end, it will begin formulating an Information Strategy Plan (ISP) in 2027.
A regular management procedure will be established to connect the demand and supply of national assets. This will involve classifying assets in January and February, surveying utilization plans from January to March, deciding on utilization methods from April to July, and finalizing projects from August to December.
The government will activate a public-private joint task force involving private experts and designate the Korea Development Institute (KDI) as the lead research institution to prepare a draft of the National Asset Basic Law by the end of the year. The task force will operate with a central committee and subcommittees focused on key asset categories such as real estate, intellectual property, securities, investments, and virtual assets.
* This article has been translated by AI.
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