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MOLIT to Redevelop Daegu's 2 Industrial Complexes

(SEJONG = Newsis) Daegu 3rd Industrial Complex and West Daegu Industrial Complex were designated as the redevelopment zones, the Ministry of Land, Infrastructure and Transport (MOLIT) announced on December 30 in 2013.

As a result, three industrial complexes including Jeonju 1st industrial complex and Daejeon 1st and 2nd industrial complexes were designated as the redevelopment zones. The redevelopment project was commenced in 2009.

Daegu 3rd Industrial Complex and West Daegu Industrial Complex, two of the most representative industrial complexes in Daegu, are experiencing deterioration in infrastructure and lack of support facilities.

MOLIT pledged to invest a total of KRW 1.7844 trillion in the complex to develop infrastructure such as roads and parking lots, and expand its support by modifying the land use plan.

In particular, the ministry plans to develop eyeglasses total business center and robot industry cluster in 3rd Industrial Complex, and develop fashion business center in West Industrial Complex. It aims to connect the newly developed infrastructures with the existing industries in the complexes.

In the meantime, some areas within the complexes will be designated by Korea Land & Housing Corporation as the advanced development areas to begin the redevelopment works beforehand.

MOLIT also announced “measures to improve competitiveness of industrial complexes” in last September in a bid to vitalize investment and industrial complexes nationwide.

The measures include changes in use district, expansion of floor space index and others to expand incentives to promote the redevelopment projects.

Source Text

Source: Newsis (Dec. 30, 2013)

** This article was translated from the Korean.