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Chungju Ecopolis Finds Project Developer

(CHEONGJU=NEWSIS) North Chungcheong Province has found a project developer for Chungju Ecopolis, the free economic zone (FEZ) in North Chungcheong Province.

Chungju Ecopolis, which was unable to find a project developer for 1 and 1/2 years since its designation as a FEZ in February last year, is likely to take more steps to develop the district.

According to the Chung Buk Free Economic Zone Authority (CBFEZA) on August 3, a large-scale construction company “A” has shown interest in the project.

"When we receive the investment letter of intent from company “A”, we will discuss with the City of Chungju and North Chungcheong Province on matters concerning the establishment of a special purpose company (SPC). The project will begin when it passes the investment and loan assessment,” said a CBFEZA official.

CBFEZA is working on ways to reduce the burden of the initial investment cost of company “A” by acquiring more than 25 percent of the share of the SPC.

The purpose of the Chungju Ecopolis is to transform Chungju’s Gaheung-ri and Jangcheon-ri into an environmentally friendly eco-cluster by attracting automobiles parts manufacturers and renewable energy producers by 2020.

CBFEZA tried to find a project developer late last year but ended up in a failure due to the noise from the military aircraft.

Private companies avoided to invest in the project because the noise level of too many regions exceeded 85 WECPNL. The Ministry of National Defense and Ministry of Trade, Industry & Energy pushed North Chungcheong Province and CBFEZA to withhold the development of the regions from last year.

The Province and CBFEZA announced to develop 2.18 million ㎡ of land first, which excludes 2.01 million ㎡ of land at issue.

If company “A” clearly states its position as the project developer and passes the investment and loan assessment, the Province and CBFEZA can decide the project developer without a second round of seeking corporate investors.

Source Text

Source: Newsis (August. 3, 2014)

** This article was translated from the Korean.