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Construction of Janghyeon City Advanced Industrial Complex Gains Speed

According to Yonhap News,

(ULSAN=Yonhap News) On July 22, Ulsan City announced that the Janghyeon City Advanced Industrial Complex passed the government's preliminary feasibility test.

The Korea Development Institute (KDI) conducted the preliminary feasibility study as requested by the the Ministry of Strategy and Finance.

The city explained that the construction project's economic feasibility was acknowledged through the test and that the city secured the merit of the project through the comprehensive evaluation.

The Janghyeon City Advanced Industrial Complex was selected by the Ministry of Land, Infrastructure and Transport in 2015 as part of its public bid for urban advanced industrial complexes.

The ministry designated Korea Land & Housing Corporation (LH) to lead the project, and LH will spend KRW 116.7 billion to build the 300,000㎡ complex.

The city is looking to attract automotive companies related to future vehicles and companies related to the knowledge-based industry for hydrogen fuel.

An Ulsan City representative stated, "After the Ministry of Land, Infrastructure and Transport lifts the development restrictions for the area and confirms the development plans, we will begin construction in 2020 and plan for completion in 2022."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (July 22, 2018)