'Smart Manufacturing' Attracts Private Investment in 156 Industrial Complexes

Sandan Gong, 310 Billion KRW Policy Fund Established... 'Environmental Improvement Investment Operators' Recruitment

Kim Jeong-hwan, President of Korea Industrial Complex Corporation (Photo by Korea Industrial Complex Corporation)

[Asia Economy Reporter Moon Chaeseok] Private investment to transform 156 industrial complexes nationwide into smart manufacturing hubs will be attracted starting in May.

The Korea Industrial Complex Corporation announced on the 22nd that it will open a public offering for private businesses to participate in the '2020 Industrial Complex Environmental Improvement Fund' until May 8.

This fund matches private investment capital based on government fund contributions of approximately 310 billion KRW. It will establish facilities necessary for environmental improvement and industry upgrading in aging industrial complexes.

The investment targets include 32 national industrial complexes such as Seoul Digital, Namdong, and Banwol-Sihwa, as well as 124 general industrial complexes including Daegu Seongseo and Busan Sinpyeong Jangnim.

The investment areas are ▲ industrial cluster upgrading (advanced factories, knowledge industry centers, logistics facilities, etc.) ▲ residential convenience and culture (dormitory-style officetels, cultural and convention facilities, etc.) ▲ industrial infrastructure (water supply, transportation and communication, energy support facilities, etc.).

To revitalize manufacturing, the focus will be on smart business sectors through collaboration with public and private businesses, shifting from mainly real estate development projects to restructuring site development.

Over the past nine years, government funds of 637 billion KRW have been invested in 44 projects such as knowledge industry centers and worker officetels, generating new investments totaling 3.3074 trillion KRW.

To prevent the spread of COVID-19, no business briefing sessions will be held. Video materials will be posted on the banner link of the Industrial Complex Corporation’s website on the 1st of next month.

Kim Jeonghwan, Director of the Industrial Complex Corporation, stated, "This year is both the year when the results of the funds invested so far will appear and the year when the largest investments will be made. We will actively support the discovery of creative ideas from private businesses and the promotion of projects."

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