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Ulsan to push for 'Industrial Complex Renovation' project from next year with KRW 490 bln

According to Yonhap News,

Ulsan-si said on December 28 that it would push for 'Industrial Complex Renovation' project from next year in earnest.

The city explained that the renovation project is to convert the aged industrial complex focused on traditional manufacturing into a base for regional industrial innovation in step with changes in industrial environment, creating local jobs.

After local governments establish and submit the industrial innovation plan to advance region's main industries and create jobs, the government then select the target region through evaluation and supplementation of the project, and intensively invest related budgets for 3 years.

Ulsan's industrial complex renovation project will be pushed for with a focus on creating eco-mobility innovation smart cluster, including fostering hydrogen electric and autonomous vehicle industries, transition to eco-friendly environment, and building a basis for energy cycle. It also plans to implement 27 sub-projects.

With the Mipo National Industrial Complex as a base industrial complex, it will connect with Techno General Industrial Complex, Maegok Industrial Complex, and Eco-friendly vehicle belt.

The city plans to invest KRW 490 billion in total including national budget of KRW 240 billion, and municipal budget of KRW 80 billion for 3 years in 2022-2024.

It aims to create about 4,000 jobs and attract about 70 mobility-related companies.

Ulsan-si established an industrial complex renovation project preparation plan in April, held a working-level meeting, set up the governance, secured national budget for the next year, and complemented project plan through 2 central consultations.

It also secured national budget of KRW 37.2 billion for 12 projects to be carried out in the first year, including employment stabilization preemptive-response package support KRW 6.6 billion, smart manufacturing skilled worker KRW 6 billion, among others.

A city official said, "once the project moves forward in earnest, it will stimulate the transition to advanced industries and inject vitality to local economy."

Source Text

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Source: Yonhap News (December 28, 2021)

** This article was translated from Korean.