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Suseong Medical District in Daegu Becomes ‘Center for Creative Economy’

(DAEGU=NEWIS)Suseong Medical Center (SMC), administrated by Daegu Urban Development Corporation (DUCO), is a large-scale project, costing KRW 630 billion in total. Now 62 percent of land compensation has been made and site building work will begin this July.

In fact, SMC was designated the Daegu-Gyeongbuk Free Economic Zone in May 2010. But the center has failed to attract large hospitals for a long time, thereby having big troubles.

But in 2012, after the inauguration of newly-appointed president Lee Jong-duk, the corporation has made great effort to turn SMC around and laid foundation for its success.

First, DUCO tightened budget to streamline and normalize its business and disposed of unsold inventory assets which led to remove financial deficit in the short term. By doing so, the company managed to restructure its organization and secured business momentum.

A task force team in charge of SMC was created January 2013. And the team now actively tries to attract companies in the zone instead of sitting and waiting for large hospitals that are interested in the center. DUCO also thought seriously of how the corporation can successfully achieve its original purpose.

DUCO’s efforts eventually led to positive outcome.

The organization has secured required budge and infrastructure with central government support and issuance of public corporation bond, which all makes it possible to push forward the project. With secured money, the corporation stared consulting land compensation beginning January 2013 and got approval for the 5th alteration to development plan in February 2013 from the Ministry of Trade, Industry & Energy. In effect, SMC was designed to focus on healthcare, education and culture in the first place. However, it has changed in a way that promotes the knowledge-based industry.

Daegu and its surrounding areas were designated by the central government as a candidate for ‘Software (SW) Convergence Cluster Project’ and KRW 99.7 billion will be funded by 2017, which can help Daegu become a hub city for SW convergence. Now, SMC is ready to serve as a center for creative economy in several fields including healthcare, Information Technology and SW.

It is no exaggerate that Daegu depends heavily on SMC for the city’s future. Once the construction of the center is completed, Daegu can become a center for the knowledge-based industry, providing its citizens with better living facilities.

According to DUCO’s plan, construction for site renovation will begin this July and be completed in 2017. The corporation also said it will first offer logistics and commercial facilities in hinterlands this May.

Source Text

Source: Newsis (May. 19, 2014)

** This article was translated from the Korean.