Ministry of Land, Industry Complex Imagination Hub Site Open for Applications as Innovation Growth Base
Manufacturing Innovation Hub Happy Housing (Photo by Ministry of Land, Infrastructure and Transport)
View original image[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 5th that it will hold a public contest for the 'Industrial Complex Imagination Hub' project sites to transform aging industrial complexes into hubs for job creation and innovative growth.
The Industrial Complex Imagination Hub is a base for innovative growth within industrial complexes, where land use is flexibly converted for national/public land, idle or closed business sites, and vacant land within the complexes, followed by high-density mixed-use development integrating various cultural, convenience, and support functions.
This contest is being promoted as a follow-up measure to the 'Industrial Complex Grand Renovation Plan' announced last November.
Project sites selected through the Industrial Complex Imagination Hub contest will receive support from the Ministry of Land, Infrastructure and Transport for rapid project implementation and will be designated as 'Regeneration Project Activation Zones' with various special privileges.
Additionally, the Industrial Complex Imagination Hub is eligible as an urban regeneration recognized project under the 'Enforcement Decree of the Special Act on Urban Regeneration,' and if designated as such, it can receive related national funding support.
Detailed information regarding the application for the contest will be provided to local governments. Applications must be submitted to the Ministry of Land, Infrastructure and Transport from the 2nd of next month until April 30th.
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Kim Geun-oh, Director of the Industrial Location Policy Division at the Ministry of Land, Infrastructure and Transport, explained, "We will strengthen project promotion by granting special privileges for high-density mixed-use development of the Industrial Complex Imagination Hub project sites and promptly support the establishment of related project plans."
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