ULSAN < invest Korea

(ULSAN=NEWSIS) Ulsan City announced January 18 that Janghyeon-dong has been selected for the urban high-tech industrial complex by the Ministry of Land, Infrastructure, and Transport.

The urban high-tech industrial complex is a follow-up to the measures to enhance competitiveness of industrial complex and revitalize the regional economy, which were made at the fifth trade and investment promotion meeting last March. The urban high-tech industrial complex is an integrated industrial complex that combines industrial, residential and commercial functions.

About KRW 87.3 billion will be invested in 30,000 ㎡ of Janghyeon-dong. The area has been evaluated that it is not only connected to the innovation city but also closely related to research institutions and the automobile industry.

The urban high-tech industrial complex will be home to automobile-related high-tech businesses, green cars, energy-related businesses and research facilities for the development of design.

When the construction of the urban high-tech industrial complex is completed, it will enhance research and development capability, nurture and attract creative human resources and establish a settlement environment. The economic effects include KRW 835.7 billion of production inducement effect and creation of 1,000 new jobs.

The Korea Land and Housing Corporation and the local government will sign an execution agreement for the urban high-tech industrial complex, which will begin construction in the first half of 2016.

The city plans to purchase 80 percent of the unsold industrial site within a year of the completion of the complex and establish a support team to support the pre-sale of the complex.

jhc@newsis.com

Source Text

Source: Newsis (January. 16, 2015)

** This article was translated from the Korean.