GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) "Free Economic Zone (FEZ) Development Project", one of core pledges made by mayor Lee, will be pushed for in earnest.

According to Gwangju city on January 24, selection process for "contract to establish a Gwangju FEZ development plan", which will present the overview of this project, is under progress.

In the first notice, there was no bidder. But there were two bidders in the second notice.

The city selected the winner of contract, having evaluated proposals by two bidders, and is in the process of negotiating the terms of contract.

It plans to conclude the negotiation as soon as possible to sign on the contract within this month.

Once a project guideline is set forth by the Ministry of Trade, Industry and Energy (MOTIE), the city will apply to the MOTIE for FEZ with a development plan devised based on outcome from the contract no later than June this year.

If designated as FEZ within this year after MOTIE's deliberation, the city expects to drive the project next year.

A city official said "we will ensure the project moves forward without problems after selecting a contractor quickly ", adding that "we will establish a development plan as soon as we get MOTIE's guideline".

The city's project includes creation of FEZ in the areas of 11.475 million sq.meters, covering Bitgreen Industrial Complex (1.847 million sq.meters), Advanced Industrial Complex in Namgu (430,000 sq.meters), and Gwangju Airport (8.2million sq.meters) to proceed with a new deal program for jobs at the scale of KRW 12 trillion.

However, as the huge area covered implies, it will require trillions of budget, indicating funding will be a major obstacle.


cbebop@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (January 24, 2019)