GANGWON-DO < invest Korea

According to Yonhap News,

Gangneung-si, Gangwon-do signed a MOA with the Taeyoung Construction Consortium, the preferred bidderfor relocation of shooting range and development of the southern area (Geumjin-ri, Simgok-ri) as its first work of the new year.

Previously, the city selected the Taeyoung Construction Consortium as the preferred bidder through a private business contest in November last year to build a large-scale tourism complex by turning the Geumjin and Simgok coastal terraces, known for the beautiful natural scenery, into tourism resources.

The main content is to develop a stay-type, eco-friendly tourism complex that can become a new growth engine of Gangneung marine tourism by investing about KRW 1.5 trillion on a site of 2.76 million square meters in Geumjin-ri and Simgok-ri, including the site of the existing shooting range in Geumjin-ri by 2028.

The Taeyoung Construction Consortium is planning to establish a special purpose company (SPC) by investing KRW 50 billion with Taeyoung Construction as the main investor, and push for the shooting range relocation project in earnest.

Gangneung-si is to actively cooperate with private project operators through preferential usage of local agricultural and fishery products and preferential hiring of local residents to revitalize the local economy and support local residents.

It plans to return the profits of the project to the local community as much as possible by returning the profits exceeding 10% from the tourism complex development project to the local economy, among others.

yoo21@yna.co.kr

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Source: Yonhap News (January 3, 2022)