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According to Yonhap News,
(YANGJU=Yonhap News) A project to set up "Yangju Techno Valley", a high-tech industrial park driven by Gyeonggi province and Yangju city, is expected to begin construction in 2022.
Gyeonggi provincial government, Yangju city government, and Gyeonggi Urban Innovation Corporation signed an agreement on joint project implementation at Gyeonggi provincial government in Suwon on February 26.
This agreement contains work scope and expense sharing between the three parties.
Gyeonggi province will be in charge of project planning, handling license, attracting domestic and foreign companies, and operating working-group.
Yangju city will finance 37% of total expenses, implement the administrative procedures of licensing, install infrastructure and bear the charges to reduce development cost of Techno Valley.
Gyeonggi Urban Innovation Corporation will finance 63% of total expenses and be in charge of construction work including detailed design, site development construction, compensation, and lotting-out of site.
Yangju Techno Valley is a project to invest KRW 138.2 billion by 2025 to build a high-tech park on the area of 300,564 sq. meters in Nambang-dong and Majeon-dong.
Companies of the textile, fashion, electrical and electronics industries are to move in.
The three parties plan to request Ministry of the Interior and Safety to conduct central investment examination in April-June. If its result signals positive signs, they will begin site development construction in 2022 after going through administrative procedures.
An official from Yangju city said, "We plan to attract high-tech enterprises, high-skilled talent and large-scale investment, thereby contributing to improving quality of life for local residents and building a happy city".
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Source: Yonhap News (February 26, 2019)
** This article was translated from Korean.