ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) The Ministry of Land, Infrastructure and Transport announced on December 12 that the Energy Convergence General Industrial Complex in Ulju County has been designated as an investment-leading district for strategic development based on the law to support regional development.

Around 70 benefits apply to designated districts, including eased building-to-land ratio and the floor area ratio as well as simplified licensing procedure.

The industrial complex will be built on 1,017,000 square meters of land in Sinam-ri, Seosaeng-myeon by 2018 injected with a total of KRW 289 billion including KRW 80 billion of special subsidies for Shin Kori 5 and 6 nuclear power plants.

This industrial complex is established following the need to foster local new industries as the mainstay industries of Ulsan such as automobiles, shipbuilding and petrochemicals decline. Ulsan aims to attract nuclear power and energy convergence industries in connection with neighboring Shin Kori nuclear power plant and the Onsan National Industrial Complex.

"We expect Ulsan's local economy to turn around with the designation of the investment-leading district," a ministry official said.

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