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According to Yonhap News,
(POHANG=Yonhap News) Pohang City, North Gyeongsang Province and the government are set to build an industrial complex exclusively for lease at National Industrial Complex, Pohang Blue Valley to alleviate burdens of companies.
On September 9, Pohang City announced that it plans to create 500,000 sq. meters of area for long-term lease at Blue Valley National Industrial Complex under construction in Dongjae-myeon, Janggi-myeon, and Guryongpo-eup in Namgu, with KRW 37.8 billion government budget by next year.
The industrial complex exclusively for lease let industrial land at low cost to companies for up to 50 years.
Pohang City expects the measure will help companies to move in by reducing the burden of land purchase.
The City plans to use supplementary budget of KRW 16.8 billion in providing 200,000 sq. meters lease-only industrial complex this year, and then provide further 300,000 sq. meters by securing budget in the next year.
Pohang and Korea Land and Housing Corporation (LH) has been developing Pohang Blue Valley National Industrial Complex in the area of 6,080,369 sq. meters by injecting KRW 736 billion from 2009 to 2023.
The first phase of 2,939,792 sq. meters will be completed by the end of this year.
Park Yong-saeng, manager of Investment Corporation Support Division of Pohang City, said, "The provision of low-cost long-term lease land will facilitate investment by lowering investment barriers."
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Source: Yonhap News (September 4, 2019)
** This article was translated from Korean.