Resolving Industrial Land Shortage in the Eastern Region
Fostering Future New Industries
The large-scale new industrial complex development project in Yulchon, Yeosu, being promoted by Jeollanam-do, is progressing smoothly and drawing significant attention.
According to Jeollanam-do on the 3rd, Yeosu Gwangyang Port Authority, the project implementer, began construction in July last year and is proceeding in phases, with Phase 1 currently being developed as planned and targeted for completion in 2027.
The name of the industrial complex is Gwangyang Port Yulchon Convergence Logistics Complex.
This project is an industrial complex development initiative to create a logistics and manufacturing hub focused on future new industries, with a total investment of 653 billion KRW and a scale of 3.32 million square meters in the dredged soil disposal area of Yulchon-myeon, Yeosu. To ensure prompt land supply, Phase 2 will be completed by 2029 and Phase 3 by 2030.
GS Caltex has already signed a land sales contract for the Phase 1 site and plans to pursue hydrogen production and power generation, carbon dioxide capture, and export businesses on this site.
GS Caltex aims to establish hydrogen production and power generation, carbon dioxide capture and chemical facilities, and equipment plants over the next three years. Through this, it is expected to significantly contribute to generating new cargo volumes, including annual hydrogen production of several hundred thousand tons and several million tons of liquid cargo.
Upon completion of the project, it will also greatly increase new job creation and cargo volume at Yeosu Gwangyang Port.
This marks a turning point in resolving the chronic shortage of industrial complex land in the Yeosu area.
Recently, a forum was held to discuss strategies for responding to the petrochemical crisis in Yeosu, where plans to strengthen competitiveness with 36 projects totaling 5.6 trillion KRW were announced, responding to the restructuring and crisis in the global petrochemical industry.
In addition, efforts are being actively made to attract corporate investment to the convergence logistics complex to respond to the crisis in the petrochemical industry.
This is part of a strategy to foster the area as a hub for future new industries to strengthen the competitiveness of the petrochemical sector.
Investing companies will be supported in entering high value-added material production and eco-friendly sectors through energy transition to help them find new growth opportunities.
In particular, companies currently operating in the Gwangyang Bay area will be supported in entering promising sectors, and plans are in place to discover and attract companies making new investments in both core industries such as chemicals and steel, as well as in new industrial fields.
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