Yeoju City and Attracted Companies Announce Large-Scale Investments
Rosy Outlook Without Results Fuels Citizen Discontent
City Pushes Administrative Procedures for 15 Industrial Complexes Only
Construction Halted Due to Lien Exercise; Administrative Steps Continue
Experts: "Industrial Complex Policy Requires Structural Review"
The "Attracting High-Tech Companies and Developing Industrial Complexes" project, which Yeoju City Mayor Lee Choongwoo has promoted as a core pledge of the 8th popularly elected administration, is facing criticism for being "empty promise administration" as it continues to repeat planning and administrative procedures without tangible results. Contrary to the city’s rosy outlook, actual job creation and corporate occupancy have stalled, leading to growing distrust among citizens.
Lee Choongwoo, mayor of Yeoju City, is holding a major achievement report meeting for the third anniversary of the 8th term of the popular election. Provided by Yeoju City
At the beginning of this year, Mayor Lee Choongwoo announced an optimistic vision in his New Year's address, promising to attract 70 companies and create 1,500 jobs. However, there have been few cases where this has led to actual groundbreakings or job creation, intensifying criticism of "empty promise administration."
Mayor Lee expressed his ambition, stating, "I will make Yeoju a leading city in the Fourth Industrial Revolution by attracting high-tech companies and developing industrial complexes," and "We will bring about change and innovation together with residents to transform Yeoju into a self-sufficient economic city." However, there have been virtually no tangible achievements to date.
As a result, criticism from some local politicians and residents has intensified, raising concerns that such vision statements are not solutions for revitalizing the local economy but are instead at the center of a crisis of administrative trust. This has led to calls for more concrete and fundamental countermeasures.
Yeoju City has announced plans to develop 15 general industrial complexes totaling 960,000 square meters, with seven of them already officially designated. However, the only project with concrete plans to break ground is the Ganam Semiconductor General Industrial Complex, which itself is scheduled to begin construction in the first half of next year. It is expected to take at least two to three more years before companies actually move in. The city has announced that more than 20 semiconductor companies will occupy this complex, but no specific contracts or investment commitments have been finalized yet.
Although the city has declared, "More than 20 semiconductor companies are expected to move in here," this remains merely an announcement without any concrete contracts or confirmed investments. As a result, local residents have criticized, "There are only plans but no execution," and questioned, "With the economy already in a downturn, will there really be that many companies ready to move in immediately? From now on, more thorough and concrete measures must be prepared."
Company A, a secondary battery materials company, announced a large-scale groundbreaking ceremony in September 2023 in Jeomdong-myeon, unveiling an investment plan worth 100 billion won.
Gyeonggi Province Governor Kim Dongyeon and Mayor Lee Choongwoo attended the event to maximize publicity, but now, only a banner reading "Lien Exercised" hangs at the construction site. It is reported that the construction company exercised its lien and terminated the contract after only part of the contract deposit was paid.
Of the total contract amount of 35.1 billion won, only 9.8 billion won was actually deposited, leading the construction company to terminate the contract and exercise its lien. According to some reports, Company A is currently planning to build a joint venture factory with an overseas company in the United Kingdom.
Citizens have expressed skepticism, saying, "The groundbreaking ceremony was all for show, but no one knows when the actual factory will be built." Although the job creation plan was announced to be about 192 people, there has been no actual hiring.
Company B, from which the city expected 150 new jobs, signed a memorandum of understanding with the city for a 50 billion won investment in manufacturing facilities in Heungcheon-myeon, but as of today, there has been no groundbreaking for the factory.
It appears that some land compensation and permit procedures are underway, and while completion is targeted for next year, even the groundbreaking schedule is unclear, making the timing of actual job creation uncertain.
In addition, S Company, a special vehicle manufacturer, submitted a letter of intent to the city for a 150 billion won investment in manufacturing facilities and a leisure complex. The city expects this to stimulate the local economy through links with the tourism industry, but no specific groundbreaking schedule or business plan has been released yet.
Furthermore, the city signed a 2 trillion won investment agreement with E Company, a logistics complex development firm, and expects the creation of up to 8,500 jobs through the development of an advanced logistics complex. However, the specifics of land acquisition and the groundbreaking schedule have not yet been disclosed, with only some permit procedures reportedly underway.
Local politicians and experts are calling for a structural review of the industrial complex development policy. One local politician stated, "Developing an industrial complex is not just about securing land or official designation; it must lead to actual company occupancy, production activities, and job creation to be meaningful. In Yeoju’s case, the focus is currently only on administrative procedures, so the direction of the policy needs to be reassessed."
They added, "Rather than focusing city administration publicity on inflated, baseless achievements such as job creation and local economic revitalization, the city should actively pursue practical results, even if it means creating just one job."
They further pointed out, "If a local government sets up plans based solely on numbers without aligning with central government industrial policies, it may end up wasting the budget without achieving any real results."
It has been reported that Yeoju City plans to invest its budget sequentially and intensively for the development of industrial complexes. While such development could play a pivotal role in the local economy, the city administration is facing strong criticism for remaining at the level of declarative planning.
Citizens have voiced complaints that "only empty promises are being made and nothing is actually progressing," with some saying, "The administration is just spinning its wheels."
A member of the Yeoju City Council pointed out, "Yeoju’s industrial complex development and corporate attraction strategies are certainly ambitious, but so far, there have only been announcements focused on 'plans' and 'letters of intent.' Actual results have yet to be verified."
He continued, "For local economic revitalization, more practical execution is required. Now is the time for a policy shift that leads to real job creation and production, not just inflated expectations."
In response, a Yeoju City official emphasized, "The development of industrial complexes and corporate attraction activities are progressing step by step, and some are about to break ground."
The official further explained, "The development of industrial complexes and corporate attraction activities are being steadily pursued in stages to ensure they lead to tangible results, not just declarations. Some industrial complexes have completed official designation, and some are about to begin construction."
He added, "Once administrative procedures such as land compensation and permits are completed, full-scale construction and job creation will proceed. We are doing our best for local economic revitalization and the development of Yeoju."
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