BUSAN < invest Korea

According to Yonhap News,

A roadmap has been unveiled to turn an aged industrial area in Yeongdo, Busan into a hub of maritime new industries.

Busan's mayor announced a plan to revitalize Yeongdo Industrial Area during his visit to the site for Busan Yeongdo Island logistics center, located in Yeongdo-gu, Busan on July 14.

The site for Busan Yeongdo Island logistics center of Hankook Tire has been planned to build a hub of innovation for new maritime industry, bringing together commercial, work, and residential functions.

Today's site visit has been part of '15 minute city Busan vision tour'.

The plan shows that an industrial innovation area will be built in the form of public development on the site for Busan Yeongdo logistics center of Hankook Tire (about 27,000-pyeong) out of about 500,000㎡(about 152,000-pyeong) around Cheonghak-dong, Yeongdo-gu, a decayed industrial area.

Currently, the city is engaged in discussion to attract companies in small and medium vessels, autonomous driving, shipbuilding equipment, and ICT industries, with a plan to develop the area in connection with nearby Dongsam Innovation District by building maritime R&D facilities and startup support facilities.

Others to be built include co-housing for workers and founders, SCO facilities for culture and sports, and neighborhood living facilities.

Busan City is planned to ask the Korea Development Institute (KDI) for preliminary feasibility study on industry innovation district in September, commence construction in the second half of 2023, and complete construction in 2025.

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Source:Yonhap News (July 14, 2021)