22 Aging Industrial Complexes Designated as 'Competitiveness Enhancement Project Zones'

[Asia Economy Reporter Kangwook Cho] On the 30th, the Ministry of Land, Infrastructure and Transport and the Ministry of Trade, Industry and Energy held the Old Industrial Complex Competitiveness Enhancement Promotion Committee and announced the designation of 22 aging industrial complexes located in Busan, Ulsan, Gyeonggi, Jeonnam, Gyeongnam, and other areas as competitiveness enhancement project zones.

The competitiveness enhancement project zones are designated to improve the functions of industrial sites and increase competitiveness through ▲ high value-added transformation of resident industries ▲ strengthening corporate support services ▲ upgrading and expanding infrastructure, support, and convenience facilities.

This is part of the comprehensive support policy for aging industrial complexes called the Industrial Complex Renovation Policy. Since 2020, the government has been selecting about five regions annually as industrial complex renovation areas.

The 22 sites targeted for this project are industrial complexes located in regions selected in 2020 and last year, and the completion of the project is expected to create additional jobs and other effects.

Over the past year, the government has concretized innovation plans proposed by local governments through expert consulting and consultations with related agencies for five preliminary selected sites, and the Job Committee has led efforts to secure budgets. As a result, the promotion goals were set as 13,448 jobs created (direct employment) from 2022 to 2024, 4,641 cases of corporate support, and establishment of 47 support facilities, securing a budget of approximately 260 billion KRW for inter-ministerial collaborative projects this year.

The Ministry of Land, Infrastructure and Transport and the Ministry of Trade, Industry and Energy, together with the Job Committee, plan to solidify the inter-agency cooperation system and establish a performance management system to manage project outcomes to ensure the smooth progress of the industrial complex renovation in the 10 regions selected in 2020 and 2021. Next month, about five new renovation regions for 2022 will be newly selected, and the second 10-year Old Industrial Complex Competitiveness Enhancement Strategic Plan will be established.

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