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Jeonbuk-do Plans to Purchase 2 Million ㎡ of the Saemangeum Industrial Complex for Long-term Lease

According to Yonhap News,

(JEONJU=Yonhap News) Jeonbuk-do plans to make a large-scale purchase of the site in the Saemangeum Industrial Complex.

It is to break the regional economic crisis due to successive closings of Hyundai Heavy Industries Gunsan shipyard and the GM Korea Gunsan Plant.

The Province announced on August 12 that it will secure 2 million ㎡ of the site annually from this year.

The purchase will be proceeded jointly by the Saemangeum Development and Investment Agency, Jeonbuk-do and Gunsan-si.

As the first step, they will spend KRW 34 billion including KRW 27.2 billion of government expense to buy 330,000 ㎡, and as the second step, they will spend KRW 69 billion to buy 670,000 ㎡ next year.

After 2020, they decided to purchase additional 1 million ㎡ of the site with a total of KRW 103 billion.

To reduce the initial investment burden of domestic and foreign investors, the Province will provide the site with the rental fee with minimum of 1% of the total property value of the site, for maximum rental period of 100 years.

"The site rental project in Saemangeum Industrial Complex will be helpful to boosting devastated regional economy due to diverse changes in indurstrial structure and nurturing new industries," said Lim Miyeong, Director General of the Saemangeum Project Support Bureau of Jeonbuk-do Provincial Office.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (August 12, 2018)