JEJU-DO < invest Korea

According to Yonhap News,

The construction project of the Hawon Techno Campus Industrial Complex, which will serve as a hub for the space industry in Jeju, has passed second local fiscal investment review by the Ministry of the Interior and Safety.

According to Jeju-do on July 4th, the local fiscal investment review system is designed to examine the necessity and feasibility of projects to ensure the planned and efficient operation of local finances. With the approval of this investment review, the project will gain momentum for budget allocation and implementation.

The project involves an investment of approximately KRW 113.3 billion, including the cost of acquiring the land, to develop the former Tamna University site (302,901㎡) into an industrial complex.

The province plans to create a sustainable private space industry ecosystem by attracting advanced manufacturing companies and research facilities that harmonize with Jeju’s clean natural environment. This will lead to a virtuous cycle of business investment, high-quality job creation, and improved living conditions.

The province expects this plan will contribute to the expansion of the manufacturing sector and the improvement of the economic structure, which are key focuses of the current Jeju administration.

The Hawon Techno Campus was designated as a Special Opportunity and Development Zone by the Ministry of Trade, Industry, and Energy in June last year, providing conditions favorable for business investment, including tax benefits, financial support, and special provisions for creating new industrial complexes beyond Jeju's industrial complex quota.

The province announced the industrial complex designation plan in October last year. It has been persuading the government based on Jeju's distinctive space industry and other factors, since requesting an investment review in April this year.

The Hanwha Space Center, located in the Hawon Techno Campus site, is currently at progress rate of 75% (as of the end of June) and is expected to be finished in October. With an investment of about KRW 100 billion, it will have facilities capable of producing four to eight satellites per month, and it is expected to directly employ up to 300 people over time.

The province expects that various related companies will gather around the Hanwha Space Center, promoting the development of Jeju’s space industry, leading to significant job creation and boosting the local economy.

atoz@yna.co.kr

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Source: Yonhap News (July 4, 2025)