JEJU-DO < invest Korea

According to Yonhap News,

(JEJU=Yonhap News) Three worn-down agro-industrial complexes on Jeju Island, first built at least over 20 years ago, will be expanded to twice their current size.

Jeju Province announced Jan. 31 it will commence necessary procedures to expand the 3 agro-industrial complexes in Gujwa, Daejeong and Geumneung, including the creation of a master plan and evaluation of the expansion's impact.

Built over 20 years ago, the complexes had lost much of their industrial competitiveness, and were unable to carry out the original purpose of stimulating the economy of farming and fishing areas. The expansion will turn the complexes into agro-industrial clusters. The Gujwa Complex (67,000m²) first opened in Apr. 1989, Daejeong (115,000m²) in , and Geumneung (130,000m²) in June 1994.

Last year, upon conducting a feasibility study on the agro-industrial complex expansion plan, the Province concluded that the expansion to be feasible, and in Dec. of the same year changed the sizes of the areas designated for the complexes.

The Gujwa Complex has been allotted an additional 570,000m², Daejeong 104,000m², and Geumneung 196,000m². The total budget for the expansion is KRW 39.9bn.

When it has a master plan and the impact evaluation is over by the second half of next year, the Province will decide on an execution plan and begin construction. The expansion is expected to end by 2020, and units will be sold beginning 2021.

Currently the operation rate at all three complexes are very high, with Gujwa at 87.5%, Daejeong at 100%, and Geumneung at 94.4%.

khc@yna.co.kr

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