Final Report Confirms Economic Viability and Feasibility
Follow-up Procedures, Including Government Proposal, to Be Expedited
The scene of the recent meeting for the establishment of the basic plan and feasibility study for the Future Advanced Materials Industrial Complex. Provided by Jeonnam Province
Jeonnam Province has confirmed the necessity, economic viability, and feasibility of designating the Gwangyang Bay Area Future Advanced Materials National Industrial Complex as a national strategic hub for supplying core materials for future industries such as robotics (AI), bio, hydrogen vehicles, and aerospace, through a basic plan and feasibility study.
According to Jeonnam Province, the study results predict that the creation of the industrial complex will generate approximately 3.5177 trillion won in production inducement effects, 1.2684 trillion won in added value, and 14,100 jobs. The net present value is 102.5 billion won, the internal rate of return (IRR) is 4.88%, and the benefit-cost ratio (B/C) is 1.055. These figures indicate that the project is sufficiently feasible as a national initiative.
Additionally, if the Future Advanced Materials National Industrial Complex is established on an area of approximately 3.96 million square meters spanning Haeryong-myeon in Suncheon and Gwangyang-eup in Gwangyang, the site conditions are expected to be excellent due to its flat terrain and outstanding accessibility.
If high value-added future industries are fostered in connection with the nearby Gwangyang Bay Area industrial belt and the petrochemical and steel industries, significant synergy effects with the existing Sepung and Yulchon industrial complexes are also anticipated.
A total of 117 companies have expressed their intention to move into the complex. The targeted industries include 67 categories such as secondary batteries, metal processing, electrical, machinery, and transportation equipment, as well as special alloys, metal composite materials, and research facilities. This is expected to enable the clustering of advanced industries.
Jeonnam Province plans to focus its administrative efforts on securing government approval, obtaining national funding, and attracting private investment, in order to expedite the follow-up procedures and achieve designation as a national industrial complex.
Seo Eunsoo, Director of Job Creation and Investment Promotion at Jeonnam Province, stated, "The Future Advanced Materials National Industrial Complex will go beyond being a simple industrial infrastructure to become a core platform that advances Jeonnam's industries and drives the strategic development of future technologies. We will develop it into a Jeonnam-style national industrial complex model that actively responds to changes in the global industrial landscape."
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