Invest KOREA

Regarding the 2nd Seokgang Agricultural Industrial Complex designated a domestic firm investment promotion district to secure a new growth engine for western Gyeongsangnam-do, a joint memorandum of understanding (MOU) for investment promotion was signed on March 4 by Jo Jin-rae, Vice Governor of Political Affairs at Gyeongsangnam-do Provincial Government, Mayor Lee Hong-ki of Geochang County Office, Chairman Jo Seon-jae of Geochang County Council, and business representatives from Good Food, DS Industry, Yookdaeju, TaeYangFood, and Deluxe Industry.

The 2nd Seokgang Agricultural Industrial Complex, designated in 2008, will be completed by the end of March with an investment of KRW 3.3 billion.

The five companies that signed the MOU plan to buy 34,612㎡ of land (six blocks) in the complex and hire 130 people by 2014 with an investment of KRW 18.7 billion in order to move their existing factories or build plants in the complex.

The 2nd Seokgang Agricultural Industrial Complex can create a synergy effect in a short period of time, as it is situated near the 1st Seokgang Agricultural Industrial Complex, where nine companies are in their operations, and Geochang-gun, located in the middle of the southern inland area, is an important traffic center an hour and a half from Daegu Metropolitan City, Gumi, Gimcheon, Jinju, Daejeon Metropolitan City, and Gwangju Metropolitan City.

In order to create favorable business conditions, the Geochang County Office is presently accelerating the construction of factories after completing the Geochang General Industrial Complex in November of 2012. It is also expected to create jobs and revitalize the local economy by completing the Ungyang Agricultural Industrial Complex and an elevator-dedicated agricultural industrial complex by this year and 2015, respectively.

Source: Newsis (Mar. 5, 2013)

** This article was translated from the Korean.