Green Light for Expansion Complex Development of Ulsan Onsan National Industrial Complex... Selected for 'Preliminary Feasibility Study'

Ulsan City, Rapid Cooperation with Korea Industrial Complex Corporation

With its selection as a 'preliminary feasibility study (PFS)' target, a green light has been given to the expansion project of the Onsan National Industrial Complex in Ulsan.

Ulsan City announced on the 28th that this development project was finally selected as a target project for the second round of 2023 preliminary feasibility studies for public enterprises and quasi-governmental institutions.

This project aims to expand the oversaturated Onsan National Industrial Complex by investing a total project cost of 652.1 billion KRW to create an expansion complex of 1.48 million square meters in the Haknam-ri area of Ulju-gun, targeting completion by 2030.

Progress of the Expansion Project of Onsan National Industrial Complex.

According to a corporate demand survey conducted in April for the site, a total of 102 companies expressed a desire for 3.07 million square meters of factory sites, securing about 350% of the demand compared to the planned development area, making the passage of the PFS likely.

Once the preliminary feasibility study (2023?2024) is passed, the project will proceed with the designation (development plan) change of the Onsan National Industrial Complex (2024?2025), compensation for incorporated land, and site development construction (2025?2030).

An official from Ulsan City stated, “We will do our best to ensure the preliminary feasibility study passes quickly through close consultation with the Korea Industrial Complex Corporation.”