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Chungju to build mega industrial complex by 2024

According to Yonhap News,

(CHUNGJU=Yonhap News) Chungju City, Chungcheongbuk-do will build a mega industrial complex near North Chungju Interchange, a major transportation hub.

On April 4, Chungju City signed an agreement to construct the "Dream Park Industrial Complex" with 4 companies including Hyundai Development Co., Ltd., Daeheung Construction Co., Ltd., Kyobo Securities Co., Ltd. and JS Mirae industry Co., Ltd.

The city plans to build the industrial complex on a 1.86 million-square-meter plot of land near the North Chungju Interchange where the Jungbu Naeryuk Expressway and Pyeongtaek-Jecheon Expressway intersect.

The city hopes to foster Dream Park Industrial Complex, which is connected to the newly developed West Chungju region, into a base for new growth.

Upon completion of the industrial complex, the city expects about 7,600 new jobs will be created and about KRW 3.7 trillion per year in direct production.

Also, in order to encourage private investment and decrease the cost of development, Chungju City will establish a special purpose corporation (SPC) jointly with public and private entities.

Following the establishment of the SPC, the city will will apply for approval of the industrial complex construction plans. Once approved, compensation and construction will begin in 2020.

Chungju City Mayor Cho Gil-Hyung stated, "Dream Park Industrial Park will capitalize on its proximity to metropolitan areas and become the representative industrial complex of the central inland region."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (Apr. 04, 2018)