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Ulsan High Tech Valley Development to Gain Momentum

(ULSAN=NEWSIS) An eight-year struggling business for Ulsan High Tech Valley will gain momentum.

The Ulsan Metropolitan City said on May 8 that it made a public announcement of changes in its plan for Ulsan High Tech Valley General Industrial Complex and released its cadastral information.

Total area for the project decreased to 2,062,000㎡, down 866,000㎡ from the original 2,928,000㎡.

Except for allocated site for Samsung SDI, 234,000㎡,out of the total development area of 657,000㎡, will be developed as the stage 1 from the second half of the year.

Categories in attracting business have diversified to include fabricated metal product manufacturing and electronic parts.

The city excluded aggregated area of factories based on the result of demand survey, conducted last year, on the complex.

Infrastructure construction for the complex is well underway. The city started land compensation for areas which will be a 2 km planned road, which would link SME center to National Road No. 35. Ulsan plans to build the necessary infrastructure before companies enter the complex.

The plan for Ulsan High Tech Valley General Industrial Complex was approved by the government in March 2009 with scale of 2,928,000㎡.

But the construction has not gone smoothly since the global financial crisis and economic woes at home and abroad have shrank new investment.

Increase in land prices near KTX station area has also delayed the construction.

Source Text

Source: Newsis (May. 08, 2014)

** This article was translated from the Korean.