Changwon National Industrial Complex, Visible Progress in Establishing Advanced Machinery and Convergence Material Industry Base

Location map of Changwon National Industrial Complex Regeneration Project Area. (Photo by Changwon City)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Changwon City in Gyeongnam announced on the 3rd that it will complete the regeneration project of aging infrastructure by 2026, following the approval from the Ministry of Land, Infrastructure and Transport in June to designate the Changwon National Industrial Complex Regeneration Project Zone.

According to the city, they have officially started services such as detailed design for the aging infrastructure regeneration projects including Bongam Bridge expansion, Woongnam Public Parking Lot expansion, maintenance of aging roads, bridges, and stormwater pipelines, as well as environmental and traffic impact assessments. They plan to visualize the start of construction for each project by June next year.

The project is expected to involve a total budget of 59 billion KRW, including 29.5 billion KRW from the national government, 8.85 billion KRW from the provincial government, and 20.65 billion KRW from the city. The smart complex land development project, promoted as a private investment regeneration project within the regeneration zone, will establish a cooperative system not only through individual notifications and visits to companies but also in collaboration with the Korea Industrial Complex Corporation.

The city plans to accept applications until October 27 through the "Changwon National Industrial Complex Regeneration Project Zone Regeneration Implementation Plan Contest" starting July 31. Currently, it is reviewing the business intentions and plans of three companies, bringing the realization of the nation’s first complex land development project within reach.

The complex land development project involves block-unit development of 10,000㎡ or more within the advanced machinery industry district and convergence-composite materials industry district in the regeneration zone. It allows changing the general industrial area to a semi-industrial area, applying a floor area ratio of 400%, and enables mixed-use development on a single site with 50% industrial, 20% commercial, 20% office, and 10% support uses. The project will be implemented through private sector competition for a total area of up to 267,000㎡.

Lee Jung-geun, Director of the Environment and Urban Bureau, said, “The complex land development and infrastructure regeneration projects in the Changwon National Industrial Complex are expected to lead the revitalization of the local economy, which has been stagnant due to COVID-19, and strengthen the competitiveness of local companies, paving the way for a new leap forward for the Changwon National Industrial Complex.”

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