108.8 Billion Invested by 2027, Transforming into an Advanced Industrial Complex
[Asia Economy Yeongnam Reporting Headquarters Reporter Kang Woo-kwon] Gyeongnam Province announced on the 28th that it has approved the regeneration project district plan for the refurbishment of infrastructure and the creation of an innovation space in the Yangsan General Industrial Complex located in Yusan-dong, Yangsan City.
The Yangsan General Industrial Complex is an aging industrial complex over 30 years old, with an area of 1,528,655㎡. Including the surrounding industrial area of 318,243㎡, the land use is planned by dividing it into four zones: industrial facility land, support facility land, public facility land, and a structural advancement district of 8,103㎡.
In particular, the newly reflected structural advancement district is a zone where an innovation support center with a site area of 8,130㎡ and four floors above ground will be built, including ▲ R&D facilities ▲ financial institutions ▲ support facilities to strengthen the competitiveness of resident companies.
According to the province, the Yangsan industrial complex regeneration project, starting from 2016, plans to invest a total project cost of 48.4 billion KRW (20 billion KRW national funds, 6 billion KRW provincial funds, 22.4 billion KRW city funds) for refurbishing aging infrastructure such as the construction of the Yangsan 2 Bridge, installation of parking lots, and road maintenance within the complex. By 2027, it aims to attract private investment worth 60.4 billion KRW, investing a total budget of 108.8 billion KRW in phases.
The regeneration project aims to transform the complex into a cutting-edge industrial complex for workers and companies by alleviating traffic congestion during commuting hours through the reconstruction of Yangsan 2 Bridge, establishing a foundation for attracting new industries through industry relocation, and building an innovation support center equipped with R&D and corporate support facilities.
Kim Young-sam, Director of the Industrial Innovation Bureau of the province, explained, "We will rebirth it as an urban-type advanced industrial complex to revitalize the regional economy and serve as a driving force for the creation of the Southeast Mega City."
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