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Yeosu Nat'l Industrial Complex Set for Expansion with 2.6 Tr Won Investment

According to Yonhap News,

(SEJONG=Yonhap News) Enlargement of the Yeosu National Industrial Complex, the biggest petrochemical industrial complex in the nation, has begun in earnest.

The Ministry of Land, Infrastructure and Transport announced that it holds groundbreaking ceremony for the expansion project on July 22, attended by the Minister Kang Hoin, South Jeolla Province Administrative Vice Governor Kim Kap-sup, and Yeosu Mayor Joo Cheol Hyun.

Since its establishment in 1967, the industrial complex situated on the land of 35,630,000㎡ have grown to home to 282 companies and 20,000 employees, manufacturing products worth KRW 86 trillion a year.

Petrochemicals produced in the industrial complex accounts for 47% of the national production.

As lack of industrial land has long been an impediment to business operations, the government decided to expand the industrial complex by lifting regulations on some of its greenfield site at the third trade and investment promotion meeting and has since sought measures including deregulation and administrative approval.

In the enlarged land of 661,630㎡, Hanwha Chemical, Yeochun NCC, Daelim Industrial, Lotte Chemical, GS Caltex, and KPX Lifescience will build plants investing total of KRW 2.6 trillion.

"We need to transform the industrial complex to a productive place in order to remain competitive in the long run," said the Minister Kang. "Going further, we will decisively lift restrictions and regulations hampering business activities."

Copyrights Yonhap News. All Rights Reserved.

Source Text

Source: Yonhap News (Jul. 22, 2016)
** This article is translated from the Korean.

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