Saemangeum East-West and North-South Road Opening Leads to Corporate Investment Increase from 6.3 Trillion to 11.7 Trillion Won in One Year

1st Anniversary of East-West and North-South Roads Connecting Saemangeum Inner and Outer Areas
Number of Corporate Investment Agreements Increased from 64 to 77 Due to Road Opening

The Saemangeum East-West Arterial Road, which opened in July 2020. [Photo provided by Saemangeum Development Agency]

The scale of corporate investment agreements in Saemangeum increased from 6.3 trillion won to 11.7 trillion won within one year of the opening of the Saemangeum East-West and North-South arterial roads.

The Saemangeum Development Authority announced on the 31st that it marked the first anniversary of the opening of the East-West and North-South arterial roads.

Corporate investment has significantly increased over the one year since the arterial roads opened. The scale of corporate investment attracted to Saemangeum rose from about 6.3 trillion won in July last year to about 11.7 trillion won this month. The number of investment agreements also increased from 64 to 77 during the same period.

This is due to the improved transportation and logistics environment brought by the Saemangeum East-West and North-South arterial roads. Additionally, the designation of the Saemangeum International Investment Promotion Zone and the secondary battery specialized complex contributed to the increase in corporate investment.

A representative from the Saemangeum Development Authority stated, "85% of the land for sale has been contracted," adding, "The remaining land is commercial land that companies cannot purchase, so it is effectively 'sold out.'"

The East-West road, opened in December 2020, is a 16.5 km four-lane road connecting the New Port to the Saemangeum-Jeonju Expressway. A total project cost of 362.3 billion won was invested. Through this road, it takes only 15 minutes by car from the New Port to the Saemangeum-Jeonju Expressway.

The North-South road, fully opened in July last year, is a 27.1 km six to eight-lane road connecting Saemangeum Zone 1 (Saemangeum Industrial Complex) and Zone 3 (Tourism and Leisure Land). The total project cost was 1.0264 trillion won. This road allows travel within Saemangeum and to nearby cities such as Gunsan and Buan in Jeonbuk within about 20 minutes by car.

Meanwhile, the Saemangeum Development Authority is promoting the expansion of regional connecting roads within Saemangeum, in addition to the East-West and North-South arterial roads. These roads are scheduled to open by 2030. The purpose is to activate internal development and improve the investment environment by connecting key hubs such as the smart waterfront city and tourism and leisure land with six-lane roads.

Also, to ensure that the increased corporate investment from the opening of the East-West and North-South arterial roads over the past year leads to actual corporate activities, plans are underway to establish key tri-port infrastructure including airports, ports, and railways.

The Saemangeum New Port will be built with a total of nine berths, including docks capable of accommodating 50,000-ton vessels and cruise ships. Two berths, including a cruise-compatible port, will open first in 2026.

Once the Saemangeum International Airport opens, it will enable travel to and from Northeast and Southeast Asia, including Japan, China, and Vietnam. The Saemangeum inbound railway will connect the national industrial complex, international airport, smart waterfront city, and new port, enhancing transportation convenience.

Kim Kyung-an, head of the Saemangeum Development Authority, said, "On the first anniversary of the opening of the Saemangeum East-West and North-South roads, we will accelerate the construction of transportation and logistics infrastructure to create a business-friendly environment."