On the 13th, the Gyeonggi Free Economic Zone Authority signed its first investment agreement with seven companies moving into the public rental industrial complex in the Pyeongtaek Poseung BIX district.
The public rental industrial complex in the Pyeongtaek Poseung BIX district was supplied to support small and micro enterprises and companies returning to Korea that face difficulties moving into industrial complexes due to lack of funds.
Gyeonggi Province selected one site each in the southern (Poseung) and northern (Yeoncheon) parts of Gyeonggi as pilot project locations among publicly developed industrial complexes with lower sale prices than private developments.
Since Gyeonggi Housing and Urban Corporation (GH) announced the rental in April last year, contracts have been completed for 7 out of 12 lots (about 23,000㎡ out of 45,000㎡) in the Poseung BIX district.
The rental period is five years, with a possible extension of up to five years once after the initial term expires. After five years of occupancy, companies may convert the lease to a sale if they wish.
On the 13th, the Gyeonggi Free Economic Zone Authority signed investment agreements with seven companies residing in the public rental industrial complex. Photo by Gyeonggi Province
According to the agreement on this day, the Gyeonggi Free Economic Zone Authority plans to provide various administrative supports necessary for corporate investment, actively listen to difficulties, and strive to improve them. Companies promised to contribute to revitalizing the local economy by early construction of production facilities, operate and manage environmentally friendly facilities, and make efforts to employ local residents.
The tenant companies will establish production facilities for automobile parts and chemical products. Construction will begin in the second half of this year, aiming to start factory operations in the first half of 2028.
Gyeonggi Province expects this project to alleviate the burdens of micro enterprises and returning companies struggling to move in, create a fair growth environment for small and medium enterprises, and lay the foundation for revitalizing the local economy.
Choi Won-yong, head of the Gyeonggi Free Economic Zone Authority, stated, "It is the public role to provide various opportunities related to business activities for small and micro enterprises," adding, "We will spare no administrative support to ensure companies can smoothly conduct business and grow within the Gyeonggi Free Economic Zone."
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