ULSAN < invest Korea

NongShim Group’s Mega Mart submitted an investment letter of intent yesterday to Ulsan City, which includes establishment of a logistic complex. The complex of 150,000 m2 will be the largest logistics complex in Yeongnam area when completed.

Ulsan plans to undergo discussions between working groups for two months and proceed with the approval process for development of the complex.

With the approval from Ulsan City, Mega Mart will make an investment of KRW 165 billion next July to build the complex by the end of 2015.

The complex will have logistics facilities, an outlet mall and a movie theater.

When the logistic complex in Ulsan is completed, Mega Mart plans to relocate few logistics centers in Busan and Yangsan to Ulsan.

The complex is forecast to bring full-time employment of 1,000 workers and economic effect of KRW 50 billion a year.

Mega Mart signed a memorandum of understanding with Ulsan last July regarding development of the complex.

An Ulsan official noted that the complex will contribute to development of Southern Ulsan, adding that the complex is expected to facilitate the regional economy with full-time employment and more.

** This article was translated from the Korean.