Invest KOREA

According to Yonhap News,

(CHANGWON=Yonhap News) The Ministry of Trade, Industry & Energy will approve and publicly present structural advancements to a national industrial complex in Changwon on April 16.

According to South Gyeongsang Province on April 15, the ministry will invest KRW 852.9 billion (USD 787 million) in 21 projects for areas including space creation, innovation capacity and environmental improvement by 2023.

The space creation segment is divided into an ICT convergence and integration cluster and a state-of-the-art industry cluster. Innovation capacity includes the building of a convergence zone between industries and academia, an ICT promotion institution and a laboratory for developing electric ships. Environmental improvement will entail establishing a welfare town for workers at the Changwon national industrial complex, creating regionally tailored jobs, providing shuttles for workers and building a “dream town” in Changwon.

The Changwon national industrial complex, established in 1974, led regional and national industrial development over the last four decades with machinery-related business.

However, the complex has outdated production facilities, weak investment in research and development and issues related to securing highly skilled workers.

Production at the Changwon national industrial complex is expected to be extended from the current KRW 56 trillion to KRW 150 trillion and the number of workers increased from 104,000 to 130,000 by the time the structural advancement project is completed in 2023.

ymkim@yna.co.kr

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Source Text

Source: Yonhap News (April 15, 2015)

** This article was translated from the Korean.