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Daegu and Daejeon to Revamp Outdated Industrial Complexes

According to Yonhap News,

(SEJONG=Yonhap News) The Ministry of Land, Infrastructure, and Transport (MOLIT) announced May 12 that it is conducting a feasibility study on the project to renovate the outdated industrial complexes in Daegu and Daejeon.

The ministry is in the progress of revamping eight outdated industrial complexes across the country. It plans to select nine more in 2015 and four more in 2016.

The government will support 50 percent of the costs for essential infrastructure and the rest will be managed by local governments and project developers. MOLIT plans to invest KRW 440 billion in eight industrial complexes in Daejeon and Daegu.

The Korea Land and Housing Corporation will lead the renovation project for the industrial complexes in Daegu and Daejeon.

"The refurbished industrial complexes will revitalize the regional economy by strengthening residential, commercial and transportation functions of the city," said a MOLIT official.

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (May 12, 2015)

** This article was translated from the Korean.