News & Event
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According to Yonhap News,
(CHEONGJU=Yonhap News) Chungju city of North Chungcheong Province announced that 80% of the Megapolis industrial complex have been sold.
The Megapolis is an industrial complex constructed on the site of 1,811,000㎡ with investment of KRW 251.1 billion (excluding infrastructure).
Since its opening on June 22, twelve companies have entered into industrial site purchase agreements. Five of them, including Lotte Chilsung Beverage and Kia Motors, have already begun construction.
Area purchased by twelve companies are 568,599㎡ or 46.1% of the total industrial land. When 335,232㎡ of land designated as a complex-type foreign investment zone is included, 73.3% or 903,831㎡ of the industrial land have been sold.
Adding land sized 93,758㎡ agreed to be invested by three companies, sales rate goes up to 80.9%.
Industrial land in the Megapolis will be purchased by the central government with investment of KRW 38.5 billion and the local government with KRW 25.6 billion to be rented out to foreign-invested firms for up to 50 years.
Three foreign-invested companies agreed to investment MOUs plan to hire more than 1,470 employees by investing KRW 692 billion collectively by 2020.
Such investment from foreign companies is expected to help vitalize the local economy by creating jobs and generating tax revenue.
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Source: Newsis (Aug. 2, 2016)
** This article was translated from the Korean.