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Korea will build a car tuning complex in the southwestern county of Yeongam, where Korea’s only international motor circuit has remained idle since the 2013 Korean Grand Prix, to create a research and development hub for a niche but promising new industry.
The Jeolla Province announced at a ceremony on Thursday it will invest 578 billion won ($531.4 million) over the next seven years to establish a R&D complex for car customization and high-performance car technology. The site will be built at a 990,000 square meter area near the Korea International Circuit in Yeongam, South Jeolla Province.
The complex is to carry out five state projects in car tuning, auto parts and high-performance customized autos.
The testing and research buildings, completed in August last year, are currently home to a research center and 11 firms, including customized auto startup Mohenic Garages.
The tuning support and corporate assistance buildings are expected to be completed next February.
Car tuning refers to modifying the appearance or performance of vehicles to the owner’s preferences. Cars may be customized to improve fuel economy, produce more power or allow better handling.
The Jeolla provincial government has been seeking to revive the motor industry in the region after it has failed to invite additional international motorists for a race in the Korean International Circuit that first opened in Yeongam in 2011 for the country’s first F1 Grand Prix. Since the Korean Grand Prix was dropped in 2014 due to poor ticket sales, the country’s only international motor circuit has been nearly abandoned by international motorists and race organizers.
By Park Jin-joo and Kim Hyo-jin
Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.
Source: Pulse by Maeil Business News Korea (Dec. 14, 2017)