ULSAN < invest Korea

According to Yonhap News,

Ulsan City announced on September 27 that it will go ahead with a project to construct the Mipo district industrial complex within Ulsan Mipo National Industrial Complex in earnest to revitalize the local economy and create jobs.

The Mipo district industrial complex will be built on 332,000 square meters (industrial facilities 156,000 square meters, parks 102,000 square meters, public facilities 74,000 square meters) around 234-1 Mipo-dong, Dong-gu.

The industries to be attracted are transportation equipment manufacturing, electricity, electronics, and general machinery manufacturing, among others.

Ulsan Metropolitan Corporation will invest KRW 80.5 billion to commence construction in January next year and complete it in 2024.

With regard to the project of the Mipo district industrial complex, the city already completed all prior administrative procedures, which started in 2014, including drafting of urban management plan, change of industrial complex development plan, deliberation by the central urban planning, and consulting on traffic ·disaster ·environment impact assessment.

The city expects that when the Mipo district industrial complex is completed, it will create such effects as annual production inducement of KRW 57 billion, and generation of 480 jobs in Ulsan.

Meanwhile, the project cost to ‘expand the Mipo National Industrial Complex Access Road (Jujeon~Eomul dong)' that connects with the Mipo district industrial complex, was all incorporated as a national funding of KRW 31 billion into the government budget plan. If the budget passes through deliberation of the Ministry of Strategy and Finance and the National Assembly, the access road will be expanded and opened at the end of 2024 in time with the completion of construction of the industrial complex.

hkm@yna.co.kr

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Source:Yonhap News (September 27, 2021)