CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

Chungbuk-do (North Chungcheong Province), Boeun-gun, and Chungbuk Development Corporation said on May 2nd that Chungbuk-do would provide KRW9 billion to the first-phase (661,000m²) Boeun High-Tech Industrial Complex to lower the parcel price per 3.3m² from KRW390,000 to KRW300,000 by providing KRW9 billion. They expect the subsidy will contribute to the successful sale of the complex sites.

Also, Chungbuk and Boeun have decided to jointly acquire lots that are not sold three years after the first phase project is completed by chipping in 50% of the cost each.

Chungbuk Provincial Governor Lee Si-jong and County Governor Jeong Sang-hyeok of Boeun said they agreed on the above matters at a press conference.

Chungbuk will loan the regional development fund to Boeun-gun, which will then compensate for and acquire the land subject to the second phase project (824,000m²), and the decision on whether to commence the project will be made after reviewing the sale of the first-phase sites. The complex will be occupied by not only high-tech businesses but also general businesses.

Under the agreement, the land compensation, deferred last year, will be resumed this month, resolving residents’ complaints.

Chungbuk, Boeun, and Chungbuk Development Corporation expect that the first and second phase projects will generate the production of KRW937.4 billion and 7,739 jobs, contributing to the balanced growth of Korea’s southern region and the regional economy.

The original plan for the complex, announced by Chungbuk in 2006, was to create a complex on the area of 3.3 million m² and relocate two agricultural institutions. However, the area was decreased to 1,484,000m² and the relocation of agricultural institutions was canceled during the 4th government elected by popular vote.

Also, Chungbuk and Boeun conflicted over cost division, making the project adrift for long.

The province formed a committee for interim review, consisting of experts, university professors, and civic organizations on April 1st. The committee has set up a principle that “the project should be implemented, given that it has been jointly pursued by three local governments in southern Korea and it will enhance the credibility for administration and balanced growth in the corresponding regions.”

Source Text

Source: Yonhap News (May 2, 2011)

**This is an English translation of a Korean news article.