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According to Yonhap News,
The Southern Industrial Complex project, led by Chuncheon City, gains momentum with the establishment of a special purpose company to implement the project.
The project was supposed to build a 5.5 million square meter-industrial complex, but was ceased for several years due to difficulties in finding investors, caused by the economic downturn.
To tackle the problem, Chuncheon reduced the complex size to 2.5 million square meters, which fortunately led to more companies showing interests in the project.
Especially, improving transportation networks are accelerating the project.
As of now, 34 companies demonstrated their willingness to move to the complex.
Chuncheon decided to start the construction for the 1.5 million square meter-site at the first-phase of the project, scheduled for completion in the late 2015 with the 200 billion won-investment.
And then the rest 1 million square meter-site will be developed by 2016 with the total investment worth 34 billion won.