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S. Korean gov’t to invest $1.3 bn to modernize industrial parks

According to Pulse by Maeil Business News Korea

South Korean government will invest 1.5 trillion won ($1.3 billion) over the next four years to modernize industrial parks around the country.

The government said on Wednesday that it plans to arrange 1.5 trillion won budget both from public and private coffers to renovate aged industrial complexes.

There are 1,124 government-sponsored industrial parks across the nation including the first - Guro industrial complex in southwestern Seoul established in 1964.

These parks have been responsible for 70.9 percent of the country’s manufacturing output, 79.7 percent of exports and 47.9 percent of jobs.

But aging facilities and poor residential environment have made young people and startups shun public industrial parks.

The government has invested 600 billion won since 2013 on upgrading research and development capabilities on industrial parks and improving work and living environment. It will accelerate the campaign to redesign the industrial fields.

The plans include adding academic institutions and day care centers on the sites as well as providing affordable public rents in the neighborhood.

By Seo Dong-cheol

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Oct. 19, 2016)

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