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According to Yonhap News,
(GWANGJU=Yonhap News) Gwangju's main industrial complex, Hanam Industrial Complex, is undergoing a major transformation.
On April 2, Gwangju City announced it will undertake two, large-scale settlement environment improvement projects to boost the competitiveness of the old, Hanam Industrial Complex.
First, the city plans to build a 16-story Industry Knowledge Center that will consist of a factory, accommodations and retail stores inside Hanam Industrial Complex 6 by 2020, with a KRW 84.9 billion budget.
In Hanam Industrial Complex 7, the city will build a 10-story building with apartment homes and officetels by 2020 using KRW 53.7 billion.
These are part of the government's remodeling efforts to improve settlement conditions in industrial complexes and increase the competitiveness of aging industrial complexes.
Upon completion, the city expects vast improvements in settlement conditions and commercial facilities.
A consortium led by Nayoung Industries Co.,Ltd. and Hongwon Construction Co.,Ltd. have been chosen for the projects and will begin construction next year, after finalizing agreements with the government and the Korea Industrial Complex Corporation.
About 20% of the budget will be funded by the low-interest Environment Improvement Fund, giving speed to the projects.
The Hanam Industrial Complex located in Jangduk, Osun, Anchung and Dochun, Gwangsan-gu, is a representative manufacturing industrial complex with a total area of 5,967,000㎡.
It started off with a total area of 1,520,000㎡ in 1981, and expanded to 2,400,000㎡ with the addition of a third complex in 1991. However, the complex now has aging infrastructure and lacks basic facilities such as parking lots, roads, welfare facilities, housing and cultural centers.
Lee Kyeong-shin, Investment Manager of Gwangju City, stated, "The Settlement Environment Improvement Fund is the first, private-investment-led project in Hanam Industrial Complex," and added, "We believe this could trigger further private investment that will play a vital role in transforming the old industrial complex."
nicepen@yna.co.kr
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** This article was translated from Korean.
Source: Yonhap News (Apr. 02, 2018)