Incheon Namdong Industrial Complex Regeneration Project on Track... Ministry of Land, Infrastructure and Transport Approves Total Budget of 36.8 Billion KRW

Namdong National Industrial Complex

[Asia Economy Reporter Park Hyesook] The regeneration project of Namdong National Industrial Complex in Incheon has entered its main phase.

On the 11th, Incheon City announced that it received approval from the Ministry of Land, Infrastructure and Transport for a total project budget of 36.8 billion KRW for the Namdong Industrial Complex regeneration project.

The city established the regeneration implementation plan based on opinions collected from tenant companies in Namdong Industrial Complex and related organizations, as well as various review results, and requested approval for the total project budget from the Ministry of Land last month through detailed design.

As a result of consultations with the Ministry, the total project budget of 36.8 billion KRW was finally approved with a cost-sharing ratio of 17.7 billion KRW (48.2%) from the national government and 19.1 billion KRW (51.8%) from the city.

Accordingly, starting from the second half of this year, the city plans to actively promote a project to strengthen the competitiveness of Namdong Industrial Complex by expanding and renovating urban infrastructure facilities in the 9.5 million square meter target area covering Nonhyeon, Namchon, and Gojan-dong in Namdong-gu.

This project is divided into four parts: construction of an underground parking lot with 381 spaces at Namdong Neighborhood Park by 2024, creation of a park near Hogupo Station, maintenance of green spaces connecting along Seunggi Stream, and environmental improvement of Namdong-daero road.

In particular, the parking lot construction is scheduled to be carried out from the second half of this year until the end of 2024, and upon completion, it is expected to resolve the biggest issue of parking in Namdong Industrial Complex.

Namdong Industrial Complex was established in the 1980s to provide land for small and medium-sized enterprises relocating within the metropolitan area, but after more than 30 years, its facilities have aged and working conditions have deteriorated, prompting the regeneration project.

As of the end of last year, 7,130 companies are located there, employing 103,152 people, making it the largest industrial complex in Incheon.

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