Pohang City, 'Cheongshinho' as the First Foreign Educational Institution in Gyeongbuk at Pentacity

Keimyung University Highly Evaluates "Necessity" at Feasibility Study Report Meeting

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] On the 14th, Pohang City in Gyeongsangbuk-do held a feasibility study result briefing session for attracting foreign educational institutions within the Pohang Convergence Technology Industrial Complex (Penta City) at City Hall, attended by Mayor Kangdeok Lee and officials from the Daegu-Gyeongbuk Free Economic Zone.

On that day, Keimyung University Industry-Academic Cooperation Foundation reported that the feasibility study results highly evaluated the necessity and feasibility analysis prospects of foreign educational institutions. The number of foreign students in Pohang City and the nearby admission-possible areas (Gyeongbuk, Daegu, Ulsan) was estimated to be 1,277 in 2023 and 3,085 in 2027.

The number of domestic students eligible for admission was estimated to be 1,191 in 2023 and 1,072 in 2027, considering the proportion of domestic students enrolled and admission competition rates at foreign educational institutions, foreign schools, and international schools nationwide compared to the domestic school-age population.

The number of domestic early study-abroad students increased at an average annual growth rate of 21.1% from 2014 to 2018, rising from 939 in 2014 to 1,999 in 2018. It is expected to increase to 5,206 in 2023 and 11,197 in 2027. Currently, a total of 44 foreign educational institutions, foreign schools, and international schools operate nationwide, evenly distributed in Seoul and metropolitan cities/provinces excluding Gyeongsangbuk-do.

When comprehensively analyzing Pohang City's foreign investment attraction, future industrial special zone projects, and future plans, the establishment of foreign educational institutions was found to be urgently required. An analysis of the appropriate recruitment capacity for foreign educational institutions in Pohang City estimated that a recruitment capacity of 736 students is appropriate, with a total project cost estimated at 46 billion KRW.

Mayor Kangdeok Lee of Pohang said, "Through the establishment of foreign educational institutions, we expect significant contributions to activating investment attraction of foreign capital and advanced science infrastructure, attracting foreign companies, and recruiting overseas talent and expanding settlement conditions linked to the region's excellent advanced science R&D infrastructure, such as international research institutes."

Meanwhile, the Pohang Convergence Technology Industrial Complex, called Penta City, is a new town being developed with an investment of 384.7 billion KRW on a scale of 1.48 million square meters (about 450,000 pyeong) in Daeryeon-ri and Iin-ri, Heunghae-eup, Buk-gu, Pohang City. Designated as the Pohang Convergence Technology Industrial Complex by the Daegu Free Economic Zone Authority in 2008, construction began in November 2018 and currently shows a progress rate of 45%.