JEJU-DO < invest Korea

According to Yonhap News,

Jeju will construct a shared warehouse hub for small-and-middle-sized manufacturers.

The Jeju Special Self-Governing Provincial Government said on June 20 that it will invest KRW 25.8 billion (KRW 9.2 billion in the state funds and KRW 16.6 billion in the local government funds) to build a smart warehouse hub which have low temperature and room temperature storage systems in Ara 2-dong, Jeju city.

After going through the detailed design phase, the warehouse construction plan will be implemented in full swing to make sure the hub will start to operate at the end of 2025.

The new shared warehouse hub will go a long way to reducing delivery costs for many SMEs, said the Jeju province.

It also expects this plan will bring a variety of economic benefits to the island, such as increasing the level of productivity worth KRW 30.2 billion, adding 164 new employees, and creating 120 more jobs, which will result in a significant growth in the local economy.

Head of Economic Vitality Bureau Choi Myung-dong said, "The purchase of the site to construct the warehouse hub was already completed, and we are ready to carry out the project accordingly. We will break the ground early next year and make sure the construction will be implemented as planned."

He added, "Jeju provincial government will also provide further policy measures to connect the logistics infrastructures of Jeju and the nation's peninsular, which will play an important role in overcoming the geographic limits we face as an island."

koss@yna.co.kr

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Source: Yonhap News (Jun 20, 2023)