'Magok Industrial Complex Management Foundation' Aims to Launch in May Next Year

Aerial view of Magok Industrial Complex /

[Asia Economy Reporter Jo In-kyung] Seoul City is promoting the establishment of a specialized institution called the 'Magok Industrial Complex Management Foundation (tentative name)' to exclusively manage and support the Magok Industrial Complex in Gangseo-gu, developed as an advanced convergence research and development (R&D) hub. The goal is to launch it by May 2021.

Seoul City announced on the 9th that among the approximately 150 companies that have signed tenancy contracts for Magok Industrial Complex, 78 companies have completed moving in. With partial completion of the complex earlier this year, professional and stable corporate management has become necessary.

In the future, about 1,500 additional research companies, including knowledge industry centers, are expected to move in here.

The city aims to enhance the expertise of management tasks under relevant laws (Act on the Promotion of Industrial Clusters and Factory Establishment) and support tasks for coexistence and activation of the industrial ecosystem among large, medium, and small enterprises by establishing a specialized institution for industrial complex management.

The main duties of the newly established Magok Industrial Complex Management Foundation will include ▲ industrial complex management ▲ operation and management of public facilities ▲ development and operation of support programs for tenant companies.

To prepare detailed plans for the foundation's establishment, the city will start a feasibility study research project. Companies wishing to participate can submit proposals and required documents to the Seoul City Southwest Area Project Division by the 24th.

Kim Seon-soon, Head of the Regional Development Headquarters of Seoul City, said, "Magok Industrial Complex serves as the brain of advanced industries and is a key hub leading the development of Seoul's southwest area and a region responsible for Korea's future growth engines. Now, beyond land supply, professional and stable corporate management is needed, so through the establishment of the foundation, we will create an industrial ecosystem where large, medium, and small enterprises coexist."

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