Full-Scale Groundbreaking for 370,000-Pyeong Phase 4
Laying the Core Growth Foundation for the Next 100 Years
Gimcheon City in North Gyeongsang Province announced that on the 25th it held a groundbreaking ceremony for the Gimcheon 1 General Industrial Complex (Phase 4) development project, attended by more than 600 people including representatives of major institutions, organizations, and local residents, and that it has now begun full-scale implementation of the project.
Ribbon-cutting ceremony for the Gimcheon 1 General Industrial Complex (Phase 4) development project / Photo by Kim Iwhan
The Gimcheon 1 General Industrial Complex (Phase 4) development project is a large-scale initiative that will invest 318.9 billion won in a 1.24 million square meter (370,000 pyeong) site spanning Danam-ri in Eomo-myeon, Sinryong-ri in Gaeryeong-myeon, and Daegwang-dong. Gimcheon City will carry out the project directly under a self-managed development scheme, through which it plans to secure competitive land sale prices and further accelerate efforts to attract companies.
The previously developed Phase 1 to Phase 3 industrial complexes have a total area of 1.01 million pyeong and achieved a 100% land sale rate even before completion, demonstrating Gimcheon City's strong competitiveness in attracting investment. Building on these results, the Phase 4 development project will likewise focus on supplying industrial land in a timely manner to meet corporate demand.
The city expects that once the Phase 4 industrial complex is completed, it will not only expand the attraction of new companies but also generate various spillover effects, including the creation of quality jobs, an inflow of population, and revitalization of the local economy. In addition, through a systematic land use plan and expansion of infrastructure, the city plans to create an industrial environment that is highly favorable for doing business.
Upon completion of the Phase 4 general industrial complex (370,000 pyeong), Gimcheon will establish a large-scale industrial belt with a total area of 2.27 million pyeong, encompassing the existing Phase 1 (240,000 pyeong), Phase 2 (420,000 pyeong), and Phase 3 (350,000 pyeong) general industrial complexes, the Phase 1 and Phase 2 industrial complexes (620,000 pyeong), and the Gammun, Daegwang, Jirye, and Apo agro-industrial complexes (270,000 pyeong).
An official from the city said, "The Gimcheon 1 General Industrial Complex Phase 4 development project is a core growth base project that prepares for Gimcheon's next 100 years," adding, "We will create a turning point for a leap forward in the local economy by attracting outstanding companies and building a sustainable industrial ecosystem."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
