Gumi's 50-Year 'Troublesome Asset' Becomes a Treasure... Abandoned Factory Remodeling Project in Urban Regeneration Innovation

Secured 7 Billion KRW in National Funding for Industrial Complex Urban Regeneration Innovation District, Establishing 'Enterprise Growth Center'

Discovering and Nurturing New Growth Industry Startups, Supporting Step-by-Step Innovative Growth

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kim Yong-woo] A rundown "burden" over 50 years old is turning into a treasure. The Gumi National 1 Industrial Complex in Gyeongbuk recently experienced a double blessing.

The urban regeneration innovation district project within the Gumi National 1 Industrial Complex has gained momentum by securing an additional 7 billion KRW in national funding.

On the 5th, Gumi City announced that it was finally selected in the second round of the Ministry of Trade, Industry and Energy’s national funding contest for the "2021 Industrial Complex Idle Factory Remodeling Project."

After being designated as an urban regeneration project district, a change plan jointly implemented with LH was approved by the Ministry of Land, Infrastructure and Transport after one and a half years, and now, by being selected for this remodeling project, an additional 7 billion KRW in national funds will be injected.

Accordingly, Gumi City will establish a Business Growth Center to discover and nurture new growth startup companies planned to be created on part of the industrial complex urban regeneration innovation district project site.

Plans to create a complex space combining cultural, welfare, and convenience facilities for workers will also be promoted.

The "Business Growth Center" will be built in the industrial convergence and complex innovation district, which performs the core functions of the industrial complex urban regeneration innovation district, with a project cost of 38.7 billion KRW (7 billion KRW national funds, 3 billion KRW local funds, 28.7 billion KRW from funds).

With a total floor area of 9,900㎡, it will be equipped with startup shared offices, conference rooms, and mockup facilities, providing affordable office space for early-stage startup companies. It is scheduled to be completed by 2024.

The lower floors will include cultural and welfare facilities and convenient rest areas, expected to breathe new life into the aging 1st Industrial Complex.

Jang Se-yong, mayor of Gumi City, said, "We will create a new industry startup ecosystem linked to local root industries in the 50-year-old Gumi 1 Industrial Complex and establish a complex cultural space for local residents and workers, making it a regeneration hub for the aging industrial complex."

The idle factory remodeling project is a package project included in the "Industrial Complex Grand Renovation" selected last year.

It supports the redevelopment of idle factories in industrial complexes to provide affordable rental spaces for startups and small and medium enterprises. It is a project to foster new growth industries and revitalize industrial complexes.

Gumi City will integrate two government projects?the Ministry of Land, Infrastructure and Transport’s Urban Regeneration New Deal Project (Innovation District) and the Ministry of Trade, Industry and Energy’s Idle Factory Remodeling Project?to build a complex facility.

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