The Cabinet has approved waiving preliminary feasibility studies for 23 projects worth 24-point-one trillion won.

Finance Minister Hong Nam-ki said in a briefing on Tuesday that the projects were selected out of 32 projects worth 68-point-seven trillion won submitted by 17 cities and provinces.

Feasibility studies determine whether a project makes economic sense. 

Hong billed the exemptions as an effort to promote balanced regional development. He said non-capital regions with low populations and insufficient infrastructure had a hard time pursuing large projects due to the difficulty of passing feasibility studies.