Establishment of the Nation's First Resource Circulation Specialized Complex with 100% Investment by Medium-sized Cooperatives

Completion of Waste Recycling and Resource Circulation Promotion Facility Supported by the Korea Federation of SMEs After 12 Years

Participants posing at the completion ceremony held on the 10th at the Resource Circulation Specialized Complex in Gyeongseo-dong, Seo-gu, Incheon.
[Photo by Junggi Joonganghoe]

[Asia Economy Reporter Kim Jong-hwa] The 'Incheon Seobu Resource Circulation Specialized Complex,' wholly funded by a small and medium enterprise cooperative, was completed 12 years after receiving support from the Korea Federation of SMEs. Counting from when the land use permit was obtained in 1992, it took a total of 28 years.

On the 10th, the Incheon Seobu Environmental Business Cooperative held a completion ceremony at the Resource Circulation Specialized Complex in Gyeongseo-dong, Seo-gu, Incheon, celebrating with attendees including Kim Gyo-heung, National Assembly member for Seo-gu Gap, Kim Ki-moon, chairman of the Korea Federation of SMEs, Byun Joo-young, head of the Job Economy Headquarters of Incheon Metropolitan City, Shin Eun-ho, chairman of the Incheon City Council, Lee Jae-hyun, mayor of Seo-gu, Incheon, and Oh Jung-seok, chairman of the Incheon Small and Medium Business Association.

The specialized complex was developed on a 56,256㎡ (17,017 pyeong) site in Gyeongseo-dong, Seo-gu, Incheon, with a total project cost of 43.6 billion KRW. The entire project cost was raised through 100% investment by cooperative members, and it is the first resource circulation specialized complex in the country to be promoted solely by a cooperative without any government or local government assistance.

The Resource Circulation Specialized Complex is expected to secure stable workplaces for recycling companies in the Incheon area, establish an industrial base to convert locally generated waste into resources, promote a virtuous cycle, and enhance related industrial competitiveness and high added value.

The Korea Federation of SMEs has worked alongside the cooperative throughout all processes, including the proposal and approval of the resource circulation specialized complex, land acquisition, and installation of access roads, resolving issues as they arose.

Kim Jang-sung, chairman of the Incheon Seobu Environmental Business Cooperative, said, "Until today's completion, we visited countless organizations such as Incheon Port Authority, Ministry of Environment, Ministry of Land, Infrastructure and Transport, Anti-Corruption and Civil Rights Commission, and Incheon District Court," adding, "We have created favorable conditions for businesses, so from now on, we hope good companies will focus solely on their operations and contribute to the local economy."

Chairman Kim recalled the past, saying that before the establishment of the specialized complex, heavy rains caused flooding and electrical leakage concerns due to the low-lying land, and during heatwaves and severe cold periods, they had no proper heating and cooling facilities, forcing operations to halt.

Kim Ki-moon, chairman of the Korea Federation of SMEs, said, "I was the chairman of the federation during the first term when the resource circulation specialized complex was established, and now, 12 years later, in my third term, it is very meaningful to hold the completion ceremony," adding, "We will continue to cooperate and collaborate with the cooperative to ensure a smooth transition from completion to operation of the specialized complex."

Chairman Kim also stated, "This is part of building an eco-friendly resource circulation network at the national level and aligns with the government's Green New Deal policy," adding, "I hope this will create a virtuous cycle of waste and resources in the Incheon area, promoting job creation and economic revitalization in the region."

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