Naju-si Designated as an 'Investment Leading Zone'... Expectations for Regional Economic Revitalization

Published 01 Sep.2021 17:31(KST)

[Naju=Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Naju City, Jeollanam-do (Mayor Kang In-gyu) announced on the 1st that the ‘Bitgaram Energy Cluster Growth Promotion Investment Leading District’ in the area around Songwol-dong KTX Naju Station has been finally designated as an Investment Leading District by the Ministry of Land, Infrastructure and Transport.

An Investment Leading District is a project where the Ministry of Land, Infrastructure and Transport designates regions with development potential to discover and promote strategic projects with significant economic ripple effects, activate private investment, and foster the area as a growth hub.

Since 2015, the Ministry has selected 18 Investment Leading Districts and has completed district designation for 11 of them to proceed with projects.

Upon district designation, various regulatory exemptions such as national funding support, tax benefits, and relaxation of building coverage ratio and floor area ratio are applied.

The city, after efforts in the designation process following the Ministry’s related public contest selection in 2018, was designated as an Investment Leading District through the Ministry’s Land Policy Committee review this month and will receive 10 billion KRW in national funding.

The ‘Naju Bitgaram Energy Cluster’ project involves a joint investment of 213.8 billion KRW by Naju City and a private investment company on a 779,948㎡ site around Naju Station (Songwol-dong and Togye-dong).

The core is the creation of a convergence district encompassing energy research and office facilities such as the (tentatively named) Energy Innovation Startup Town, energy experience and sports park, as well as industrial, commercial, medical, tourism, and cultural facilities.

Utilizing the geographical advantage of being located at the midpoint connecting the old downtown and the innovation city, it is expected to serve as a catalyst for regional win-win development, which the city has emphasized as a key administrative goal, by improving insufficient residential conditions and contributing to revitalizing the local economy and job creation.

Additionally, with the metropolitan railway network project connecting Gwangju and Naju finally reflected in the national railway network plan in April, a synergy effect is expected to further activate the area around Naju Station, which has established itself as a metropolitan transportation hub.

Mayor Kang In-gyu said, “This designation as an Investment Leading District is a golden opportunity for the win-win development of the old downtown and innovation city and the improvement of residential conditions, which have been steadily pursued as a key goal of the 7th elected administration,” and added, “We will concentrate all administrative power to ensure that the Bitgaram Energy Cluster development project gets on track.”