LH-Busan Collaborates for Success of Yeongdo and Sasang-gu 'Industrial Innovation Zone Pilot Project'

[Asia Economy Reporter Moon Jiwon] Korea Land and Housing Corporation (LH) announced on the 12th that it has signed a basic agreement with Busan Metropolitan City to successfully promote the pilot project of the industrial innovation zone selected within the industrial areas of Cheonghak-dong, Yeongdo-gu, and Samnak-dong, Sasang-gu.

The industrial areas within downtown Busan, covering about 8 times the size of Yeouido (24㎢), have been the driving force behind regional economic development. However, recently, the shipbuilding industry, the main industry, has been in decline, and the buildings have aged, weakening competitiveness.

Accordingly, the Ministry of Land, Infrastructure and Transport selected and announced five pilot project districts last November to revitalize industrial areas. Among them, one district each in Yeongdo-gu and Sasang-gu in Busan was included.

This agreement is a follow-up measure to the Ministry of Land's announcement. It was prepared for mutual cooperation between LH, the project implementer, and Busan City regarding the two pilot project districts.

Both organizations plan to establish a comprehensive development plan by the end of this year, including the development direction of the pilot project target areas and surrounding industrial areas, and introduce various facilities necessary for revitalizing the industrial areas.

LH will be responsible for ▲establishing the industrial innovation zone plan ▲establishing building project plans and applying for approval ▲overall project management, while Busan City and Yeongdo and Sasang districts will handle ▲establishing industrial area management plans ▲related permits and support ▲attracting companies.

Byun Changhoom, President of LH, said, "Through this pilot project, we expect the industrial areas in Busan to be reborn as competitive spaces that create jobs and revitalize the regional economy," adding, "We will continue to implement various projects with local governments nationwide to contribute to balanced regional development."

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