According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Trade, Industry & Energy announced April 15 that it will approve and publicly present 23 structure advancement projects for eight industrial complexes on April 16.

The eight industrial complexes include five innovative industrial complexes in Banwol·Sihwa, Changwon, Gumi, Daebul and Bupyeong·Juan and three deteriorated industrial complexes in Seoul, Gunsan and Iksan.

The ministry will invest a total of KRW 1 trillion (USD 924 million) in the complexes by 2020 to promote the high value added of relocated companies and expand R&D infrastructure and amenities, including corporate joint research centers and sports complexes.

Private investment accounts for KRW 450 billion of the total investment.

Nine structure advancement projects will be carried out solely with private capital, and the private sector will invest KRW 340 billion in the projects by 2019.

The government will provide companies in the complexes with policy support to encourage them to invest more in the projects, as they cannot be executed with the national budget alone.

abullapia@yna.co.kr

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Source Text

Source: Yonhap News (April 15, 2015)

** This article was translated from the Korean.