GANGWON-DO < invest Korea

According to Yonhap News,

Hyunil Development Company reported on March 7 that it will establish “GreenFlex,” a future-oriented multipurpose complex, in Chuncheon-si (City), Gangwon-do (Province).

The inauguration ceremony for the GreenFlex project, held at the Grand Hyatt Seoul in the morning of March 7, was joined by 60 people, including Governor Choi Moon-soon of Gangwon Provincial Government, former US President George W. Bush, President Lee Il-hyun of Hyunil Development Company, and Chief John Kim of Goldman Sachs’ South Korea Investment Banking.

It is a project to build and operate a 7,270,000㎡ multipurpose complex that integrates eco-friendly agriculture, new renewable energy, the movie industry, living, and education, with investment of USD 4.6 billion.

The “GreenFlex” project will be conducted with 100-percent private investment, and the investment details have not been confirmed.

The farm produce production district will be equipped with a state-of-the-art greenhouse, applied with photovoltaic power generation. Organic fruits and vegetables will be grown and be delivered, at least once a day, directly to consumers living one to two hours away.

Besides that, the movie production center “Movie Park” will be built in GreenFlex.

According to a company official, the complex will be equipped with “Zero House Green Village,” comprised of 3,000 townhouse apartments, and international schools.

Moreover, it will construct a new renewable energy power plant and supply energy needed to run the complex.

“This project is an attempt to realize great ideas with entrepreneurial spirit. I hope that the project will succeed in collaboration between Korea’s creativity and America’s capital,” said former US President George W. Bush.

Preliminary investors, such as Goldman Sachs, will visit proposed sites on March 8.

Source: Yonhap News (Mar. 7, 2013)

** This article was translated from the Korean.