Opening the 'Saemangeum 2.0 Era' This Year... Full-Scale Corporate Attraction Begins

Saemangeum Development Agency Announces '2023 Work Plan'
"Establishing International Investment Hub... Strengthening Inter-Regional Connectivity"

Saemangeum Industrial Complex Panorama / Photo by Yonhap News

[Asia Economy Reporter Noh Kyung-jo] The Saemangeum Development Agency announced on the 10th that it plans to fully commit to attracting companies this year to open the 'Saemangeum 2.0 Era.'

On the same day, the Saemangeum Development Agency presented its '2023 Work Plan' at the Ministry of Land, Infrastructure and Transport's Government Sejong Complex. Since the agency's establishment, 21 out of a total of 50 industrial complex occupancy contracts (42%) were secured last year alone, and based on this, the focus this year is on growing Saemangeum into an international investment hub.

The key promotion tasks were identified as ▲ creating a business-friendly environment ▲ laying the foundation for a vibrant city ▲ strengthening the momentum to accelerate development.

First, to create a business-friendly environment, the agency plans to immediately designate an international land promotion district simultaneously with the enforcement of the 'Saemangeum Project Act' in July and carry out investment and marketing activities. Upon designation, the scope of tax benefits will expand from the existing Saemangeum National Industrial Complex to the entire area. Plans to expand industrial land based on the Saemangeum Master Plan (MP) will also be prepared.

The Saemangeum National Industrial Complex currently under development has completed reclamation of 4 out of 9 sections. The Saemangeum Development Agency intends to advance the reclamation schedule for the remaining sections and also consider the new supply of industrial land.

Additionally, the second-phase long-term lease land development project, for which the budget has been secured this year, will be promptly promoted through consultations with related agencies. Development plans for special zones such as free trade zones linked with the new port and international airport will also be explored. The agency will also work on establishing industrial cooperation clusters by concentrating advanced companies in the secondary battery and mobility sectors.

To create Korea's first smart green national pilot industrial complex, the work plan includes preparing operation and management measures to support RE100 tenant companies and devising plans to normalize floating solar power projects.

Inter-regional connectivity will also be strengthened. The Saemangeum Development Agency plans to reorganize the installation plan for wide-area infrastructure to establish a transportation network system and prepare complex development plans linking major transportation facilities with commercial, business, and residential urban functions.

The reclamation work for the smart waterfront city, which will be Saemangeum's first living hub, will be completed within the year. Urban branding will also be promoted through public contests and other means. Kim Gyu-hyun, head of the Saemangeum Development Agency, said, "Although private contest projects related to tourism and leisure land are currently difficult to proceed due to deteriorating financial market conditions and rising construction costs, we will cooperate with the private sector to ensure the projects settle quickly."

The Tri-port construction project, which strengthens networks between Saemangeum and major hubs such as railways, airports, and ports, will also be rapidly promoted. Considering the difficult regional economy, the construction schedule for inter-regional connecting roads will be advanced, and participation of local companies will be encouraged. Director Kim said, "We plan to promptly complete consultations with financial authorities on the total project cost, hold a project briefing session in the first half of the year, and issue construction orders in the second half."

He added, "We will do our best this year so that the public can feel the bustling atmosphere of Saemangeum filled with attracted companies."

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