GWANGJU < invest Korea

According to Newsis,

As Gwangju City succeeded in attracting a specialized complex for future car materials, parts, and equipment following the Future Car National Industrial Complex, it will be able to complete a large-scale triangle belt for the future car industry

Gwangju City plans to revitalize the automobile industry, which accounts for 43.1% of the local manufacturing industry, by resolving such challenges as securing industrial land and converting to future cars.

According to the Gwangju Metropolitan Government on July 27, the sale rate of Bitgreen National Industrial Complex, an automobile-exclusive industrial complex, has reached 91%, making the provision of industrial complex space challenging. As it usually takes more than 10 years to establish a new industrial complex, it has been difficult to actively cope with the rapid process of conversion into future cars and meeting demand.

Against this backdrop, the attraction of the Future Car National Industrial Complex is the feat achieved in 14 years since the designation of the Bitgreen National Industrial Complex in September 2009.

The industrial complex will be built on a scale of 3.384 million square meters by 2030, and the project cost amounting to KRW 664.7 billion will be raised through the development of the industrial complex. In particular, Gwangju City explained that it is expected to reduce logistics costs as it will be able to integrate parts companies thanks to its location close to Gwangju Global Motors (GGM), a finished car plant.

Gwangju Metropolitan City Corporation, the project operator, is currently working on a basic plan for industrial complex development, and will ask the Evaluation Institute of Regional Public Corporation to review the feasibility of the project after completing establishment of the plan.

Following the attraction of a new national industrial complex, the MOTIE's Committee announced on July 20 that Gwangju would be designated as a specialized complex for autonomous vehicle parts, materials, and equipment.

The specialized complex, in connection with finished car companies, will establish a cooperative system between materials, parts, and module companies related to autonomous driving and improve the self-sufficiency rate of core materials and parts.

Accordingly, Gwangju plans to significantly increase the self-sufficiency rate by 30% for sensors, 70% for control parts, and 70% for communication by 2028. It will also create a value chain concerning core functions of autonomous vehicle parts.

The specialized complex project will be promoted in conjunction with the triangle belt, consist of the Future Car National Industrial Complex, the Bitgreen National Industrial Complex, and the Jingok Industrial Complex (7.27 million square meters) with the total project cost of KRW 600 billion by 2028.


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Source: Newsis (July 27, 2023)