Five Sites Including Banwol-Sihwa and Changwon National Industrial Complexes Preliminarily Selected for 'Industrial Complex Grand Renovation'... Budget Focused Support for 3 Years

Gyeonggi-do's Industrial Complex Revitalization Plan.

[Sejong=Asia Economy Reporter Jusangdon] Five locations including Gyeonggi (Banwol·Siwha), Gyeongnam (Changwon), Busan (Myeongji·Noksan), Ulsan (Mipo), and Jeonbuk (Gunsan) have been selected as industrial complex redevelopment areas. The government will focus investment from related ministries' budgets over three years to foster and support these areas.

The Ministry of Trade, Industry and Energy and the Ministry of Land, Infrastructure and Transport jointly held the 'Committee for Strengthening Competitiveness of Aging Core Industrial Complexes' on the 24th and announced the selection of these redevelopment areas. Three core industrial complexes in Busan, Ulsan, and Jeonbuk were selected as Smart Green Industrial Complexes.

Industrial complex redevelopment is a regional job creation project that focuses on supporting aging industrial complexes as regional industrial innovation hubs in response to the decline of traditional manufacturing and changes in the industrial environment such as the 4th Industrial Revolution.

First, metropolitan local governments establish an industrial complex innovation plan by designating core industrial complexes (such as Smart Green Industrial Complexes) within the region as hubs for key industries and job creation, linking them with adjacent industrial complexes or urban areas. Then, the central government supplements the plan through consulting and designates five locations through evaluation, investing related ministries' budgets intensively over three years to foster and support them in a central-local cooperative project.

Gyeonggi Province, selected as an industrial complex redevelopment project area this time, plans to demonstrate the smart green business model in the Banwol·Siwha Industrial Complex, which is strong in materials, parts, and equipment industries, and share and expand it to connected industrial complexes. It also proposed creating innovative jobs within the region by fostering strategic industries such as system semiconductors and future cars, as well as next-generation core materials, parts, and equipment industries. Specifically, the goal is to create 10,000 jobs and increase production by 5 trillion won over three years by fostering advanced ICT convergence materials, parts, and equipment industries such as future mobility, next-generation semiconductors, and smart root technologies, and to nurture 99 small and medium-sized enterprises.

Park Jinkyu, Vice Minister of the Ministry of Trade, Industry and Energy and co-chairman, said, "I appreciate that cities and provinces have established industrial complex redevelopment innovation plans considering the collaboration potential between core industrial complexes and connected areas and the development potential of industries despite the difficulties caused by COVID-19." He added, "We will strengthen support by discovering additional cross-ministerial support programs so that the industrial complex redevelopment innovation plans established locally can strengthen the regional industrial ecosystem and create quality jobs."

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