Wanju-gun Overcomes Local Extinction Crisis Through Corporate Attraction and New Industry Development

Published 27 Dec.2021 14:55(KST)

Bank of Korea Highlights Wanju-gun's Crisis Response in 'Regional Economic Report'

Wanju-gun Overcomes Local Extinction Crisis Through Corporate Attraction and New Industry Development

[Wanju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Amid the growing crisis of local extinction in the Jeonbuk region, Wanju-gun is overcoming the crisis through attracting businesses and fostering new industries.

According to the 'Regional Economic Report - Field Report' released by the Bank of Korea on the 27th, among the 14 cities and counties in Jeonbuk, Wanju-gun has become the first in Jeonbuk to surpass 50 million KRW in per capita GRDP and is regaining vitality as the population decline phenomenon is easing.

As of 2018, Wanju-gun's per capita GRDP was 50.74 million KRW, which is 1.8 times the Jeonbuk regional average of 20.75 million KRW.

This level is higher than any metropolitan local government except for Seoul (43.66 million KRW), Ulsan (63.79 million KRW), and Chungnam (53.01 million KRW).

Accordingly, the population decline issue in Wanju-gun is also improving.

From 2010 to 2020, the population of the 14 cities and counties in Jeonbuk decreased by an average of 6.7%.

In contrast, Wanju-gun increased by 7.6% during this period.

Also, among the 89 population decline areas nationwide announced by the Ministry of the Interior and Safety this October, Wanju-gun was the only county-level area in Jeonbuk not included in the population decline areas.

The Bank of Korea cited the following as growth factors for Wanju-gun: ▲ attracting businesses through the creation of industrial complexes ▲ fostering new industries such as the hydrogen industry ▲ Wanju-gun's policies for business attraction and population inflow.

Starting with the Wanju Industrial Complex in 1994, Wanju-gun has developed a total of 10.56 million square meters of industrial complexes, including the Techno Valley General Industrial Complex, the 2nd Industrial Complex, and the Wanju Agricultural and Industrial Complex.

Among these, the Techno Valley 2nd Industrial Complex has attracted investments of about 740 billion KRW, including the Coupang Logistics Center and Cowell Fashion Logistics Center. Once the industrial complex sales are completed, it is expected to create 14,000 jobs, induce investments worth 1 trillion KRW, and have an economic ripple effect of 3.7 trillion KRW.

Along with this, Wanju-gun is fostering the hydrogen industry as a new core industry in line with the 4th Industrial Revolution.

Following companies related to the hydrogen industry, it has attracted the Hydrogen Product Inspection Support Center and the Energy Storage System (ESS) Safety Evaluation Center. Furthermore, being selected for the 'Post-Use Fuel Cell Infrastructure Project' enables the completion of Korea's first one-stop system for hydrogen fuel cell testing, evaluation, and certification.

In response, Wanju-gun is addressing rapid aging and economic vitality decline by promoting population inflow policies such as improving residential environments, expanding support for returning farmers and rural migrants, and easing standards for childbirth and childcare support, along with business attraction policies including resolving regulatory difficulties through regular business meetings and reforming negative regulations.