Jeonnam Province Launches Full-Scale Promotion of Energy New Industry Cluster

Naju Energy National Industrial Complex Passes Preliminary Feasibility Study by Ministry of Economy and Finance for Public Institutions

[Muan=Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] The Naju Energy National Industrial Complex, a key project promoted by Jeollanam-do, has passed the preliminary feasibility study by the Ministry of Economy and Finance, marking the official advancement of fostering a leading energy new industry cluster in South Korea.

According to Jeonnam Province on the 22nd, the Naju Energy National Industrial Complex development project passed the preliminary feasibility study with economic feasibility (B/C 1.47) confirmed by the Korea Development Institute (KDI).

This success is attributed to Jeonnam Province and Naju City actively promoting the prospects for energy new industry development and settlement conditions to potential tenant companies, securing many interested companies, and developing the necessity and feasibility rationale of the project to effectively respond to the Korea Development Institute.

With the project’s feasibility secured, the province plans to complete administrative procedures such as industrial complex plan approval in cooperation with the Ministry of Land, Infrastructure and Transport and LH Corporation by the end of 2023, and to actively proceed with land compensation and construction work starting in 2024.

The Naju Energy National Industrial Complex is planned to be developed on a 1.2 million square meter scale near the Naju Innovation Industrial Complex, with LH Corporation and Jeonnam Development Corporation jointly investing 308 billion KRW by 2030.

It is expected to serve as a growth hub for energy new industries such as the Energy Valley industry and new material nano-convergence material industry.

Once the industrial complex is established, energy anchor companies and research institutions will be concentrated, generating an annual production inducement effect of 279.2 billion KRW and employment inducement effect of 1,453 jobs, greatly contributing to revitalizing the regional economy.

Kim Young-rok, Governor of Jeonnam Province, stated, “Once the national industrial complex is established, fostering the high value-added advanced industry of energy new industry will create quality jobs and greatly help to advance Jeonnam’s industrial structure.” He added, “We will do our best to develop the Naju Energy National Industrial Complex into a leading energy cluster representing South Korea.”