CHUNGCHEONGBUK-DO < invest Korea

According to Yonhap News,

The inaugural ceremony of Chungju Megalopolis Corporation was held on March 7 at the Daesowon-myeon Township Office. The company was established to address industrial land shortages caused by an increasing number of companies coming in the area and construct a new industrial complex.

Chungju Megalopolis Corporation, which opened its office in Daesowon-myeon (Township), commenced its operation after conducting a signboard hanging ceremony with President Kim Yong-rae and executives.

The inaugural ceremony was joined by 200 people, including Mayor Lee Jong-bae of Chungju-si (City), Chief Lee Woo-jong of Department of Economy and Trade at the Chungcheongbuk-do Provincial Government, Chairman Yang Seung-mo of Chungju City Council, business representatives, and citizens.

Chungju Megalopolis will be established in a 1,809,000㎡ site in Daesowon-myeon, southwest of Chungju Business City and Chungju Advanced Industrial Complex, by 2015 with private capital of KRW 224.2 billion.

The company will begin the ground shaping work in August after completing land compensation by June.

In October of 2012, Chungju-si (City), SK E&C, Korea Investment & Securities, Towoo Construction, and Tomyung General Construction signed a shareholder agreement to set up a special purpose company that will implement this project.

With respect to the percentage of shareholding, SK E&C owns 47 percent (KRW 2.35 billion), followed by Chungju-si (City)’s 20 percent (KRW 1 billion), Towoo Construction’s 17 percent (KRW 850 million), Korea Investment & Securities’ 11 percent (KRW 550 million), and Tomyung General Construction’s 5 percent (KRW 250 million).

Chungju-si (City) anticipates that the formation of Chungju Megalopolis will create production inducement effects worth KRW 4.2722 trillion, 10,000 jobs, and added value of KRW 26.58 million.

“We will do our best for the success of the project in order to create the largest state-of-the-art industrial center in the central inland region of Korea and help the city increase its population to 300,000,” said President Kim Yong-rae of Chungju Megalopolis Corporation.

Source: Yonhap News (Mar. 7, 2013)

** This article was translated from the Korean.