Highlighting Logistics Environment and Living Conditions
Industrial Land Sales Rate Expected to Rise
Jinju City in South Gyeongsang Province is entering a new phase of revitalization for the Gyeongnam Aerospace National Industrial Complex (hereinafter referred to as the "Aerospace National Industrial Complex") as construction in the Jinju district has been completed and the city has applied for final approval, making it possible to establish factories in the area.
The "Aerospace National Industrial Complex Jinju District" is being developed in Daechuk-ri, Jeongchon-myeon, Jinju City, with an area of 830,000 square meters, aiming to build infrastructure for the aerospace industry and strengthen the competitiveness of advanced industries. The project applied for completion approval to the Busan Regional Construction and Management Administration in September, and according to officials, with the industrial complex construction finished, resident companies can now immediately establish factories.
Since 2022, Jinju City and Korea Land and Housing Corporation (LH) have been actively promoting and marketing the sale of land for industrial, support, and residential facilities. However, due to the economic downturn following the COVID-19 pandemic, corporate investment sentiment weakened, resulting in a low sales rate for industrial land.
Recently, however, the confirmed entry of the "Gyeongnam Western Medical Center" and the "Space Environment Test Facility," the establishment of the "Aerospace Administration" in nearby Sacheon City, and the signing of an investment agreement (MOU) with Hana Aerodynamics on October 28, designating it as the fourth company to move into the Aerospace National Industrial Complex, have all contributed to positive sales prospects and continued investment from technologically advanced companies. As a result, Jinju City and LH are actively promoting the locational advantages of the Jinju district to attract corporate investment, and an increase in the sales rate is anticipated.
With project completion approval imminent, expectations are rising for the revitalization of the "Aerospace National Industrial Complex Jinju District." Let's take a closer look at its outstanding locational advantages.
The Jinju district boasts diverse transport infrastructure, including land, sea, and air, making logistics highly convenient. With the Tongyeong-Daejeon and Namhae Expressways, as well as the planned Southern Inland High-Speed Railway, access to all parts of the country is easy. In addition, proximity to Samcheonpo Port, Busan New Port, Gimhae International Airport, and Sacheon Airport optimizes both domestic and international logistics.
In August 2019, the city was designated as a "Small but Strong R&D Special Zone for Aerospace Parts and Materials." This has enabled the city to specialize in discovering and connecting outstanding technologies, with active support for technology startups and business incubation. Core institutions supporting the aerospace industry, such as the Korea Testing Laboratory (KTL), the Space Parts Testing Center, the Korea Institute of Ceramic Engineering and Technology, and the Jinju Small but Strong Special Zone Support Center, are already established in the area. The planned addition of the "Space Environment Test Facility" is expected to further enhance the competitiveness of the aerospace sector.
On the eastern side of the Jinju district, the "Jeongchon General Industrial Complex" and the "Root Industry Complex" are adjacent. By linking with these complexes, there are opportunities to create synergy with various regional strategic industries, such as ceramics and root industries, thereby expanding the industrial ecosystem. This means the potential for growth into high value-added industries beyond simple manufacturing is very high.
The Jinju district's excellent residential environment is also a key locational advantage. The surrounding residential areas, including ▲Jeongchon Industrial Complex (2,500 households) and ▲Shinjinju Station Area (7,300 households), are already developed and equipped with various amenities. In addition, large-scale new housing supply plans are in place for ▲Munsan Public Housing District (6,700 households), ▲Panmun District (1,300 households), ▲Chojon Nambu 1 District (3,000 households), and ▲Dodong District (4,000 households), ensuring a stable residential environment.
Especially for workers, cultural and leisure facilities are well established. The nearby "Jeongchon Happiness Dream Center" offers a range of cultural activities, and the construction of sports facilities (such as swimming pools and gyms) is also underway. Furthermore, the medical infrastructure is robust, with the existing "Gyeongsang National University Hospital" and the "Gyeongnam Western Medical Center" set to open in 2029, combining top-tier university hospital services with public healthcare to create an outstanding medical environment.
Additionally, Jinju City is preparing to further expand the Aerospace National Industrial Complex. Although the current sales rate for the complex remains low, other industrial complexes are already saturated, leaving companies with limited investment options.
Meanwhile, Jinju City is proactively planning to expand the industrial complex to foster the aerospace industry and boost investment. Considering the time required to develop an industrial complex, the city believes that phased expansion is essential. Currently, Jinju City is conducting feasibility studies and establishing basic plans for potential new industrial complex sites, comprehensively reviewing economic viability and site conditions.
An official from Jinju City stated, "The Aerospace National Industrial Complex Jinju District is being developed as a core base for the aerospace industry, and we are strengthening industrial competitiveness by securing educational institutions and research, testing, and certification organizations." The official added, "We are also steadily expanding support facilities and infrastructure to attract aerospace companies and are continuously working to improve living conditions for workers."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
