Saemangeum East-West Road Opens... SK Signs Investment Agreement Worth 2.1 Trillion Won

Aerial View of Startup Cluster (Photo by Ministry of Land, Infrastructure and Transport)

[Asia Economy Reporter Moon Jiwon] The opening ceremony of the Saemangeum East-West Road, connecting the Saemangeum New Port and the Saemangeum-Jeonju Expressway, was held on the 24th. Additionally, the Saemangeum Development Agency and the SK Consortium signed an investment agreement to establish a startup cluster and data center worth 2.1 trillion KRW in the Saemangeum Industrial Complex.

According to the Ministry of Land, Infrastructure and Transport, the opening ceremony of the Saemangeum East-West Road took place at the starting point of the road (Sinsi Intersection) with about 50 attendees including Prime Minister Chung Sye-kyun, Minister of Land, Infrastructure and Transport Kim Hyun-mi, Saemangeum Development Agency Director Yang Chung-mo, Private Chairman of the Saemangeum Committee So Sun-yeol, and Governor of Jeonbuk Province Song Ha-jin.

The Saemangeum East-West Road began construction in November 2015. It is a 16.5 km long, 4-lane road connecting Saemangeum New Port and the Saemangeum-Jeonju Expressway, serving as a key transportation axis and an important gateway for logistics and transportation in Saemangeum.

Accessibility to Saemangeum from Honam, Yeongnam, and the Seoul metropolitan area has greatly improved, which is expected to contribute to revitalizing investment attraction. The East-West Road is scheduled to open at noon on the 25th.

The Saemangeum Development Agency also signed an investment agreement with the SK Consortium, selected as the project operator for the 'Startup Cluster Establishment and Data Center Attraction Industrial Investment Development Project.'

Through this agreement, the SK Consortium will receive the 200MW floating solar power project rights as an incentive and proceed with investment to build a startup cluster and data center worth 2.1 trillion KRW in the Saemangeum Industrial Complex. Comprehensive government support will be provided to ensure smooth project progress by the SK Consortium.

The startup cluster, with an investment of 100 billion KRW, will begin construction next year and be completed by 2023. The data center, with an investment of 2 trillion KRW, aims to build 8 buildings by 2025 and a total of 16 buildings by 2029.

The government plans to continue policies to attract corporate investment. It will provide long-term lease land within the industrial complex at low cost to resident companies and research institutions, and establish a specialized training center for renewable energy industry professionals within the complex to foster a renewable energy industrial ecosystem.