JEOLLABUK-DO < invest Korea

According to Yonhap News,

The government gave nod to the 220 billion won state-led 2.0 Green Carbon Korea Project in the preliminary feasibility test, organized by the Ministry of Knowledge Economy and participated by Jeollabuk-do (Province).

The approval is expected to accelerate the growth of the bio chemical industry, Jeollabuk-do’s main focus, which will result in improving the productivity and creating jobs.

The project is designed to produce environmentally-friendly bio energy and bio chemical products by utilizing biomass including plants or microorganisms.

The central government will invest 220 billion won by 2017 in making R&D on bio chemistry commercially available and building relevant infrastructures.

If selected as a final project operator, the province will accelerate the development of bio chemical products using the bio kombinat technology.

Three Jeollabuk-do based companies participate in the project.

Given that an estimated half of the biomass is imported to Korea via Gusan Port, the province is well-positioned to develop into a bio chemical industrial hub.

“By 2020, the project will lead to the production of chemical products worth 5 trillion won and the creation of 18,000 jobs,” said a Jeollabuk-do official.

Source: Yonhap News (Feb. 12, 2013)

** This is the translation of a Korean article.