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According to Yonhap News,
(YEOSU=Yonhap News) A large-scale new energy cluster will be set up in Myodo, Yeosu, South Jeolla Province.
Yeosu city announced that it held a meeting to brief residents on the draft of environmental impact assessment of the project to redevelop dredged soil landfill in Myodo of the Gwangyang port on July 28 at a community service center jointly with Hanyang Co., the largest shareholder of the Gwangyang Port Convergence Energy Hub.
The project aims to comprehensively foster emerging industries such as the advanced material industry and the renewable energy industry by utilizing geographical location of Myodo.
The Ministry of Maritime Affairs and Fisheries and the Gwangyang Port Convergence Energy Hub posted a notice of the project last February and have since drawn up execution plans targeting to start construction in the first half of next year.
The new energy cluster will be established with an industrial complex for new materials including carbon fiber and optical film; renewable energy facilities generating electricity from solar power and other sources; and clean and combined energy facilities.
Investment of KRW 252.3 billion will be injected to land development, with approximate KRW 5.8 trillion invested by 2029 to complete the construction.
"This project will develop Myodo as a place where new growth industries are integrated, which in turn will generate KRW 9.4 trillion in economic effect and create around 16,000 employment." said an official of Yeosu city. "Successful implementation of this project will lead to more vitalized economy and enhanced competitiveness of the region."
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Source: Yonhap News (Jul. 27, 2016)
** This article is translated from the Korean.