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1,017 companies relocated to Innovation Cities, up 47 percent in six months

According to Yonhap News,

(SEJONG=Yonhap News) On August 7, the Ministry of Land, Infrastructure and Transport (MOLIT) said that 17 companies moved from capital areas to innovation cities in the first half of this year, adding up to more than 1,000 companies relocated in innovation cities.

There are ten innovation cities in Metropolitan Cities and Provinces nationwide, which are future-oriented cities equipped with high-level of housing, education, and cultural environment where public institutions, companies, research centers, and universities cooperate.

According to the MOLIT, there are 1,017 companies in innovation cities as of the first half of this year, up 46.8 percent from the end of last year (693 companies).

By city, South Gyeongsang province and Gwangju/South Jeolla province saw a relatively large increase of companies due to construction of Knowledge Industrial Center Dream IT Valley, and relocation of companies related to Korea Electric Power Corporation (KEPCO).

To date, 1.99 million sq. meters has been sold out of the area allocated for the cluster of companies, 63.7 percent compared to the plan (3.124 million sq. meters).

A source from the MOLIT said, " As development of region's specialty industry is crucial to the success of innovation city, we will actively support designation of special district and various public competition projects."

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Source Text

Source: Yonhap News (August 7, 2019)

** This article was translated from Korean.

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