ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) The Ulsan Metropolitan Government plans to launch an urban renewal projects in its Dong-gu and Buk-gu districts.

The metropolitan government has recently convened an Urban Renewal Committee meeting, whose members deliberated on the plans, submitted by Bangeo-dong in Dong-gu and Yangjeong and Yeompo-dong in Buk-gu, respectively, to regenerate the Bangeojin Port and the Sogeumpo Port.

The committee members approved of the plan for the Bangeojin Port in its original form, and gave a partial approval to the plan for the Sogeumpo Port, stressing the need to develop content for display at the proposed Sogeumpo History Museum and other ideas to emphasize the area’s ties to the Korean automotive industry.

The city expects the projects to cost KRW 22.2 billion, including KRW 10.1 billion provided by the national treasury and KRW 12.1 billion from the city’s budget.

The Bangeojin project will begin next month, with an investment of KRW 12.1 billion and a schedule of completion by December 2020.

The project will involve the development of new districts of culture and history near the port, organization of local festivals, and fostering of local businesses.

The project for Sogeumpo will begin in May on a budget of KRW 10.1 billion, and is to be completed by December 2020.

The project will involve improvement of the environment around Sinjeon Market, erection of the Sogeumpo History Museum, and creation of a new car-themed street.

A city official explained: “The urban renewal projects seek to revitalize old towns and improve the living environments for outdated residential areas through the active participation of locals. We expect their support and interest in these projects.”

leeyoo@yna.co.kr

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Source Text

Source: Yonhap News (Mar. 16, 2018)

** This article was translated from the Korean.