ULSAN < invest Korea

(ULSAN=NEWSIS) Ulsan announced that the city will set out to establish the High Tech Valley from the second half of this year.

The industrial complex, located in Gacheon-ri, Samnam-myeon, Ulju-gun, Ulsan, is finished with land compensation through injection of project fund of KRW 53.8 billion and currently under excavation investigations of cultural property.

Site construction will begin at the end of this year to complete the first phase of the project by the end of next year.

Upon the completion of the initial part of the project, companies in diverse industry fields including computer, electrical and electronics, and metal processing are expected to move in, diversifying industrial portfolio of the city.

Logistics infrastructure is also projected to be further enhanced as the construction of the Ulsan-Hamyang Expressway is nearing completion, which will provide another boost to the local economy.

Although the construction plan for the industrial complex was approved and officially notified in March 2009, execution of the project have been largely stalled as investment remained sluggish due to the global financial crisis and economic slump.

In order to facilitate plant site sales and relieve inconveniences of land owners in the area designated as industrial complex, Ulsan carried out a demand survey in the first half of 2013 and decided to firstly develop land of 228,000㎡ out of 1,938,000㎡.

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