Gwangmyeong-Siheung Technovalley Development Project 'Smooth Sailing'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi Province is making steady progress on the Gwangmyeong-Siheung Technovalley project, which is being promoted to create a core hub for advanced industries representing the southwestern metropolitan area.

Gyeonggi Province announced that it approved the implementation plan for the "Gwangmyeong Distribution Complex Urban Development Project" submitted by Gwangmyeong City on the 20th and publicly notified it through the Gyeonggi Province Gazette and its website.

The Gwangmyeong Distribution Complex Urban Development Project is a plan to create a complex distribution complex housing retail and wholesale distribution companies such as daily necessities and floriculture by 2024 on a 297,237㎡ site in Gahak-dong, Gwangmyeong City.

This project is one of the follow-up measures of the business agreement for the establishment of the Gwangmyeong-Siheung Technovalley signed in 2016 by Gyeonggi Province, Gwangmyeong City, Siheung City, Gyeonggi Urban Innovation Corporation, and Korea Land and Housing Corporation (LH).

The Gwangmyeong-Siheung Technovalley is an industrial complex project to be developed by 2024 with an investment of 2.4 trillion KRW on a 2,449,000㎡ (740,000 pyeong) area including Gahak-dong in Gwangmyeong City and Nongok-dong and Mujinae-dong in Siheung City.

It consists of four complexes: an urban high-tech industrial complex, a general industrial complex, a distribution complex, and a residential complex.

The Gwangmyeong Distribution Complex corresponds to the distribution complex among the four projects of the Gwangmyeong-Siheung Technovalley.

Korea Land and Housing Corporation, the project implementer of the Gwangmyeong Distribution Complex, plans to develop 141,747㎡ of the total 297,237㎡ site as distribution facility land, relocating and reorganizing small-scale retail and wholesale distribution companies scattered within the Gwangmyeong-Siheung special management area into a future-oriented complex distribution complex. Additionally, 10,426㎡ of support facilities along with 145,064㎡ of infrastructure land including roads, parks, and parking lots have been designed.

Korea Land and Housing Corporation will soon begin compensation procedures and start construction in the first half of next year.

The province stated that, besides the distribution complex, the procedures for creating the general industrial complex, residential complex, and urban high-tech industrial complex are also progressing smoothly.

The general industrial complex will issue construction orders after loss compensation negotiations this year, the high-tech industrial complex will announce compensation plans, and the residential complex will begin land and property surveys for compensation after district designation.

A provincial official emphasized, "The Gwangmyeong Distribution Complex Urban Development Project is an important project aimed at preventing indiscriminate development and providing stable business conditions through the planned relocation and reorganization of distribution companies within the Gwangmyeong-Siheung special management area," adding, "We will also steadily prepare other related projects to create local jobs and serve as a catalyst for economic revitalization."

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