Gwangju Chamber of Commerce and Industry Issues Statement on the 16th
Emphasizes Need for Private Investment and Public Cooperation for Gwangcheon Terminal Complex Development
Warns of Potential Repeat of Past Project Cancellation Without Swift Negotiations
The Gwangju Chamber of Commerce and Industry has urged that private investment and public cooperation are necessary for the prompt progress of the Gwangcheon Terminal Complex Development Project.
On the 16th, the Gwangju Chamber of Commerce and Industry released a statement saying, "The area around Youth Square in Gwangcheon-dong, which serves as the gateway and key transportation hub of Gwangju, is facing a golden opportunity to transform into a complex urban hub." They added, "The 'Gwangcheon Terminal Complex Development Project,' which Shinsegae Gwangju Co., Ltd. submitted to Gwangju City in August last year and was selected as a preliminary negotiation site, is being highlighted as a significant turning point that can strengthen Gwangju's urban brand and restore its position as a center of consumption, culture, and tourism."
The organization stated, "This project involves a large-scale private investment of 4.4 trillion won, making it the largest single development ever pursued by the Shinsegae Group." They continued, "Above the underground intercity bus terminal, a 47-story complex commercial facility, a luxury hotel, and a multifunctional space integrating business, culture, and residential features will be created. All terminal and on-site facilities will be organically connected underground, resulting in an 'attractive space that seamlessly connects above and below ground.'"
They further said, "This project is the second opportunity for Gwangju. In 2015, Shinsegae proposed a complex development for the E-Mart in Gwangcheon-dong and its surrounding area, but due to insufficient coordination regarding administrative procedures and business conditions, the project was canceled and moved to Daejeon." They pointed out, "There are concerns in the local community that, since full-scale negotiations have yet to progress, the painful experience and disappointment of the past may be repeated."
Additionally, "Since being selected as the preliminary negotiation site by Gwangju City in October last year, Shinsegae Gwangju has been faithfully following the procedures, and Gwangju City is also reviewing public interest and administrative matters," they said. "However, there are opinions that greater speed is needed, as the main negotiations have yet to begin in earnest."
They added, "Gwangju is currently facing a complex crisis, including youth outflow, consumption stagnation, and investment contraction. In this situation, a large-scale private development project will be an important opportunity to restore urban vitality, create jobs, and expand the consumption base." They continued, "The local business community requests that Gwangju City and related agencies promptly begin negotiations so that the project can proceed smoothly."
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