Global Biz Center and Corporate Growth Center in Pangyo... 22 Trillion Won Invested in Regional Infrastructure

2020 Ministry of Land, Infrastructure and Transport Work Report
▲ Establishment of Regional Economic Hubs ▲ Promotion of Regional SOC Investment

Activation of Advanced Industry Hubs... Global Biz Center and Corporate Growth Center in Pangyo
Introduction of 'Corporate Innovation Zones' in Local Downtowns

21.7 Trillion KRW Invested in 15 Projects Exempt from Preliminary Feasibility Study
Ulleung Airport Groundbreaking in June... Acceleration of Other Local Airport Projects

President Moon Jae-in is receiving a work report from Kim Hyun-mi, Minister of Land, Infrastructure and Transport, at the Blue House on the 27th. [Image source=Yonhap News]

[Asia Economy Reporter Lee Chun-hee] Within this year, a Global Business Center and a Corporate Growth Center capable of accommodating 400 companies will be constructed in Pangyo 2 Valley. A total of 22 trillion KRW will be invested in infrastructure development for balanced growth, and innovation growth centers will be established in 10 urban high-tech industrial complexes.

On the morning of the 27th, the Ministry of Land, Infrastructure and Transport presented the 'Three Major Goals and Eight Major Strategies for Economic Vitality Enhancement, and Two Major Livelihood Issues' during the 2020 work report held at the Blue House with President Moon Jae-in in attendance. In this report, the Ministry proposed three major economic vitality goals: ▲creation of regional economic hubs ▲activation of regional SOC investment ▲creation of jobs in land and transportation, as well as two major livelihood tasks: ▲expansion of public rental housing supply ▲innovation of a railway-centered transportation system.

As part of creating regional economic activation hubs, the Ministry proposed revitalizing high-tech industrial hubs. In June, construction will begin on a Global Business Center in Pangyo 2 Valley, Seongnam-si, Gyeonggi Province, capable of housing 100 companies. Following that, in November, a Corporate Growth Center accommodating 300 companies and 195 units of Happy Housing will be built within Pangyo 2 Valley.

In provincial downtown areas, 'Corporate Innovation Zones' will be introduced. This project creates affordable corporate occupancy spaces in places such as provincial universities and railway stations. Pilot projects in the form of campus innovation parks will begin this year at Kangwon National University and Hannam University. Innovation Growth Centers combining startup and growth spaces will be established in 10 provincial urban high-tech industrial complexes.

A total of 21.7 trillion KRW will be invested in 15 projects exempted from preliminary feasibility studies for the national balanced development project. Among these, the single-track electrification project of the Donghae Line, with a project cost of 20 billion KRW, and the National Road No. 20 Sinan-Saengbiryang project, costing 11.3 billion KRW, will commence construction within the year. Other projects will accelerate progress through turnkey contracts and integrated basic and detailed design processes.

Additionally, plans were announced to foster declining areas into economic innovation hubs through industrial complex remodeling (5 sites) and complex redevelopment of aging industrial areas (5 sites).

Expansion of provincial airports will also be intensified. The Ministry will begin construction of Ulleung Airport in June and initiate the basic planning for Saemangeum Airport. The controversial Gimhae New Airport and Jeju 2nd Airport will proceed with the announcement of basic plans reflecting verification results and basic and detailed designs through coexistence measures within this year, respectively.

This content was produced with the assistance of AI translation services.