Janganeup: 636,555 Square Meters, Total Project Cost 363.4 Billion KRW, Move-In Scheduled for 2030
The city of Busan (Mayor Park Hyungjoon) has reportedly received a letter of intent regarding relocation within the city from the local mid-sized company Poongsan Co., Ltd.
The Poongsan Busan Plant is a leading local company with annual sales of 330 billion KRW and approximately 500 employees. The city, together with the Busan Urban Corporation, has continuously engaged in discussions to prevent Poongsan from relocating outside the city. The submission of this letter of intent marks the first such development in about two and a half years since the approval of the industrial complex plan for the Centum 2 District Urban High-Tech Industrial Complex in Haeundae-gu in November 2022.
The planned relocation site is in the Janganeup area of Gijang-gun. According to the business plan, Poongsan will be relocated to a site of approximately 636,000 square meters. The total project cost is estimated at 363.4 billion KRW. Poongsan aims to complete the relocation by 2030.
The city will sequentially carry out administrative procedures such as the review of industrial complex designation plans and approval of the industrial complex plan in accordance with the Special Act on Simplification of Industrial Complex Licensing Procedures. During this process, the city intends to minimize inconvenience to residents and maximize the benefits for local community development.
Busan City plans to closely examine factors closely related to residents' daily lives, such as land use, transportation, and living environment near the relocation site, in order to reduce inconvenience caused by the relocation and seek practical measures to revitalize the local area. Opportunities for gathering public opinion, such as resident hearings, will also be expanded.
With this relocation initiative, the Centum 2 District Urban High-Tech Industrial Complex development project, which had been stalled for several years, is expected to gain renewed momentum. The city plans to develop the site as a hub for regional strategic industries such as smart ships, robots and intelligent machinery, and information technology (IT).
Mayor Park Hyungjoon stated, "The decision on Poongsan's relocation site is a turning point that will accelerate the Centum 2 District project," adding, "We will foster the Busan-style technovalley as a forward base for attracting industries surpassing the Seoul metropolitan area, and, in cooperation with Janganeup residents, will transform it into a core hub of the Fourth Industrial Revolution in the southern region."
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