DAEJEON < invest Korea

According to Yonhap News,

(DAEJEON=Yonhap News) A regeneration project to redevelop the Daejeon Industrial Complex will begin in earnest.

Daejeon City announced a regeneration project for the industrial complex has been approved and officially notified.

This marks completion of the administrative process seven years after the complex was designated for the refurbishing project of the Ministry of Land, Infrastructure and Transport in September 2009.

The industrial complex, established in the 1970s, has raised a number of issues including conflicts over land use, lack of infrastructure and complaints from local residents. As the industrial site lost its competitiveness due to outdated facilities, it has been deemed an area in need of redevelopment.

Following the land ministry's designation and official approval for redevelopment, the complex has gained momentum for regeneration.

The renovation project over the land of 2,313,000 square meters will be conducted divided by six land types including industrial land, supporting facility land, and public facility land.

With current businesses operating in the complex remained in place, businesses not appropriate in the urban area or environmentally damaging industries will be encouraged for relocation.

Starting from KRW 65.4 billion won investment in the second half of this year, a total of KRW 447.2 billion will be injected in stages by 2020.

jchu2000@yna.co.kr

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