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North Jeolla Province unveiled a long term development plan in Saemangeum

According to Yonhap News,

In hopes of improving annual productivity and job creation, North Jeolla Province unveiled a long term development plan on Nov. 6 to accommodate 100 companies specializing in energy business inside Saemangeum where a national cluster for energy industry will be soon located.

The approval of the project last October enabled them to lay legal / legislative foundation for the development of both renewable energy and EV industries, necessary process to secure national budget allocation, form collaborative linkage among local businesses-academia-institutions and to support residents inside.

Many say that the government approval to form the Saemangeum cluster appears to speed up the process to support renewable energy business and associated R&D centers. The cluster is a business agglomerate that invites companies, research centers, support institutions, testing ground and facilities to further develop local energy industry.

The cluster also incentivizes businesses to move in, providing multiple benefits such as tax cuts, government subsidies, regulation-free policy and technology transfer / joint study with global partners. In addition, the place provides easier access to job candidates with the proper skill-sets, another incentive to attract residents.

Source Text

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Source: Yonhap News (Nov.6, 2019)

*This article was translated from Korean.