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According to Yonhap News,
(CHEONGJU=Yonhap News) A new 100-hectare industrial complex will be established in Bugi-myeon, Cheongwon-gu, Cheongju City, South Chungcheong Province.
Lee Seung-hoon, mayor of Cheongju and Gye Yong-joon, President of the Chungbuk Development Corporation, signed on an agreement to establish the tentatively named Bugi Industrial Complex on January 9.
The industrial complex will be completed around 2020 injected with KRW 200 billion.
The Chungbuk Development Corporation plans to apply for designation of industrial complex district after conducting feasibility study and obtaining approval from North Chungcheong Province. Construction work is expected to commence early next year upon completion of compensation process.
Cheongju has sought establishment of the new industrial complex in order to draw together companies dispersed in the city's northern region and attract more businesses.
"Considering industrial complexes are largely concentrated in Osong, Oksan and Ochang, establishment of a new industrial park will lead to balanced regional growth," a city official said.
ks@yna.co.kr
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Source: Yonhap News (Jan. 9, 2017)
** This article was translated from Korean.