DAEJEON < invest Korea

According to Yonhap News,

Daejeon Industrial Complex, which is over 50 years old this year, will be reborn as a new growth base for the K-manufacturing industry that leads job creation.

Daejeon-si announced on April 26 that the Daejeon Industrial Complex was selected as the target of the government's industrial complex renovation project and secured KRW 300 billion from government funds.

The major renovation project will be carried out for three years from next year to 2025.

The city designated the Daejeon Industrial Complex as a base industrial complex, and selected the Daedeok Innopolis, which is equipped with the nation’s best innovation capabilities, as the linked industrial complex, and Chungnam National University and Hannam University as the linked regions.

The city plans to secure a new driving force by upgrading the manufacturing-oriented Daejeon industrial complex structure, and to establish a virtuous cycle enterprise growth ecosystem through cooperation between bases and linked industrial complexes.

To this end, the city established four strategies and 37 specific projects: revitalization of networks between bases and linked industrial complexes, conversion to eco-friendly industrial complexes, digital manufacturing innovation of aged base industrial complexes, and creation of human industrial complexes where young people and talents are gathered.

Chungnam National University and Hannam University will be making up for the insufficient innovation capabilities of base industrial complex by supplying manpower and technology.

When the major renovation project is completed, there will be 1,045 companies in Daejeon Industrial Complex, increasing from current 545, with the production amount of KRW 4.827 trillion, up from current KRW 3.505 trillion, and the number of employees will increase from current 4,521 to 7,774. Also, the share of high-tech industries is expected to grow from 37 % to 64%.

Daejeon Industrial Complex was located on the outskirts of Daejeon when it was first constructed in the 1970s. However, it has become incorporated into the downtown area since the city has expanded since the 1990s.

It has been pointed out that the aging of factory facilities and the lack of infrastructure not only caused problems to urban environment, but also undermine regional competitiveness.

cobra@yna.co.kr

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Source: Yonhap News (April 26, 2022)