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Ulsan Begins Construction of High Tech Valley

(ULSAN=NEWSIS) Ulsan will begin construction of its high-tech valley, which was delayed for several years due to the economic recession that pulled back companies from moving into the industrial complex.

According to Ulsan on January 5, it will invest KRW 65.1 billion in 237,000 ㎡ of land to begin the first stage of the construction.

The city conducted a research on the land for the first stage (compensation expenses: KRW 45.7 billion, 199 lots: 192,000 ㎡) last November.

Ulsan, which carried out a compensation meeting and valuation, will announce the compensation expenses to the land owners when the compensation is calculated.

After a period for appeal, the city plans to begin the construction of the first stage in the first half of the year and complete it by 2017.

The second stage of the construction on 570,000 ㎡ of land (project cost: KRW 147 billion) will begin after conducting a demand survey. The industrial complex will be home to electronic, electrical equipment and metal processing products.

The project was initially to attract advanced sectors by establishing an industrial complex by 2013 with KRW 439.2 billion of investment.

Therefore, Ulsan signed an investment agreement with Samsung SDI in April, 2007 and designated the area for the complex as the High Tech Valley Industrial Complex in May, 2007.

However, the city had difficult time to execute the construction of the High Tech Valley as the companies that have shown interest in the complex have cancelled to invest in it due to the economic recession.

"We were unable to carry out the construction of the complex as the project is carried out with the investment of tenant companies. Despite lack of companies that wish to move into the complex over the last few years following the economic recession, more companies are now showing interest in the complex," said an Ulsan official.

Source Text

Source: Newsis (January. 05, 2015)

** This article was translated from the Korean.