CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

It appears that the construction of the Jeuongpyeong 2 General Industrial Complex will begin this year.

The Jeuongpyeong County Office revealed on March 7 that it will hold a project briefing session for residents the next day.

Kyeryong Construction & Industrial has planned to conduct an obstruction investigation and set up a special purpose company in the first half of this year and announce land compensation awards and begin construction in the second half of this year.

The Jeuongpyeong 2 General Industrial Complex will be built in a 707,022㎡ site by 2015, with investment of KRW 123.5 billion (government spending of KRW 40.7 billion, private capital of KRW 82.8 billion).

The complex will attract various industries, such as photovoltaic power, new renewable energy, electronic components, computers, images, sound, communications equipment, machinery, electric equipment, and manufacturing.

Despite the fact that it was approved on June of 2011, the project has been postponed due to the global economic crisis and limitations on project financing loans to constructors, resulting from economic recession in the domestic construction market.

Governor Hong Seong-yeol of Jeungpyeong-gun (County) urged Kyeryong Construction & Industrial to begin construction as early as possible, and the company has recently confirmed its plan to start construction this year

It is anticipated that the establishment of the complex will bring a yearly added value of KRW 300 billion to the country and will also contribute to boosting the local economy by creating 1,500 new jobs.

As part of its effort to build infrastructures for the complex, the county is carrying out two projects: a project to construct a 2.4km four-lane road between Miam-ri and Noam-ri, with investment of KRW 27.4 billion; and a project to build industrial water facilities with water supply capacity of up to 4,000 tons per day, with investment of KRW 4.4 billion.

“We will supply 2,000 apartments in the area when construction is almost completed. We will focus our administrative effort on completing the complex and attracting businesses,” said Chief Jeon Byoung-il of Economy Division at the Jeuongpyeong County Office.

Source: Newsis (Mar. 7, 2013)

** This article was translated from the Korean.