Gwangyang National Industrial Complex, Investment in Myeongdang 3 District Becomes Visible

Start of Construction for Neighborhood Living Facilities on Support Facility Land
Investors Await Industrial Facility Land

[Gwangyang=Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] Despite the economic downturn following COVID-19, Gwangyang City in Jeollanam-do has seen a steady increase in the sales rate of plots in Myeongdang 3 District within the Taein-dong National Industrial Complex through active promotional efforts. The Myeongdang 3 District Industrial Complex is gaining momentum as manufacturing and neighborhood living facility constructions are underway on industrial and support facility sites, respectively.

Currently, in Myeongdang 3 District, 12 out of 34 industrial land plots (35.3%), 26 out of 39 support land plots (66.7%), and 2 out of 2 commercial land plots (100%) have been sold, resulting in an overall sales rate of 51.3% based on the number of plots.

The Myeongdang 3 District Industrial Complex is traversed by National Routes 2 and 59, located just 10 minutes from Jinwol IC on the Namhae Expressway and Hadong IC in Gyeongnam. It is also near the POSCO Gwangyang Steelworks, related national industrial complexes, and the Gwangyang Port container terminal. With excellent transportation networks and accessibility, it offers optimal geopolitical conditions that reduce logistics costs, attracting continuous inquiries from companies interested in purchasing plots.

Meanwhile, the industries eligible to settle in the industrial facility sites of Myeongdang 3 District were previously limited to △Non-metallic mineral product manufacturing (C23) △Electricity, gas, steam, and air conditioning supply (D35) △Warehousing and transportation-related services (H52) △Complex industries (C23, C24, C25, C29). However, following the designation announcement on June 28 of the ‘Special Industry Zone’ applied for with the Ministry of Trade, Industry and Energy and the Korea Industrial Management Corporation, the range of industries allowed to settle in the industrial facility sites is expected to expand. This is anticipated to contribute to the early activation of the industrial complex and the revitalization of the local economy.

Construction is progressing according to the sales of facility sites, with a non-metallic mineral manufacturing company currently conducting foundational excavation on an industrial facility site. Additionally, construction has begun on a ‘rest area where people can chat while overlooking the Seomjin River estuary’ on a support facility site closely related to citizens’ daily lives, with completion expected soon, indicating rapid progress in construction.

Choi Dae-sik, head of the industrial complex division, stated, “Although the economy has contracted due to COVID-19, Myeongdang 3 District, located on the boundary between Yeongnam and Honam regions and close to Gwangyang Steelworks and the port, is more than sufficient to be considered a land of opportunity for industrial activities,” adding, “We expect it to be a priority when considering investment destinations.”

Gwangyang=Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr

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