According to Yonhap News,

(SEJONG=Yonhap News) The Ministry of Land, Infrastructure and Transport announced April 27 that it has approved the plan to build a National Aviation Industrial Complex across Jinju and Sacheon in South Gyeongsang Province, and has set out to implement the plan on a full scale.

The new complex will be located in the adjacent villages of Jeongchon-myeon, Jinju-si, and Yonghyen-myeon, Sacheon-si, covering 1,641,798 square meters of land in total, and exactly 820,899 square meters each.

A total of KRW 339.7 billion will be spent on the project, KRW 170.3 billion in Jinju, and KRW 169.4 billion in Sacheon.

Target tenants include businesses involving the latest technologies in aviation, metal mechanics and biochemical industries.

The project was greenlighted at the 5th Trade-Investment Conference in March 2014, and passed Korea Development Institute's preliminary validity investigation in June 2016.

As the project developer, Korea Land and Housing Corporation (LH) will initiate the land compensation process in the latter half of 2017, begin construction in the second half of 2018, and complete construction by 2020.

According to a land ministry source, "with Sacheon Airport, Korea Aerospace Industries (KAI), the National Air Force's 3rd Training Field and Gyeongsang National University's Industry-Academia Cooperation Research Complex all located nearby, the new aviation complex is expected to be a valuable addition to the already thriving aviation ecosystem in the area, helping it transform into an aviation industry cluster.

banana@yna.co.kr

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