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Thirty-three companies will move into the Sejong Advanced Industrial Complex, which will be completed by 2017.
Mayor Yu Han-sik of Sejong City signed an MOU with representatives from 33 corporations, i.e., five pharmaceutical firms, 15 machinery companies, and 13 boiler enterprises, to attract investment. These companies will establish pharmaceutical, machinery, and boiler factories on a 528,000㎡ site by 2017 with an investment of KRW 344.9 billion. They also agreed to hire residents, purchase local products, and use traditional markets in the city.
The city anticipates the industrial complex to create 2,100 jobs, value-added of KRW 183.7 billion, and production inducement effects worth KRW 786 billion. Mayor Yu also promised to do his utmost to provide various support for the complex.
Source: Yonhap News (Apr. 11, 2013)
** This article was translated from the Korean.