Gyeongbuk Province Plans to Designate 16 New Industrial Complexes Covering 5.21 Million Pyeong Over 3 Years

Gyeongbuk Province announced on the 21st that it will resolve investment uncertainties for companies by rapidly expanding industrial facility sites and timely supplying them to foster local key industries and activate investment.

Currently, there are 156 industrial complexes in the province with a total area of 139.2㎢, but the land immediately available for company occupancy is 6.45㎢, scattered across 38 industrial complexes.

Map of the industrial complex designation plan promoted by Gyeongbuk Province.

Accordingly, Gyeongbuk Province has determined that attracting large-scale investments will be difficult and plans to designate 17.21㎢ (5,217,000 pyeong) as new industrial complexes by investing 4.9541 trillion KRW in 16 industrial complexes over the next three years. Among these, 12 will be developed publicly and 4 privately.

To support this, the province plans to significantly expand the average annual demand area for industrial facility sites in the industrial location supply and demand plan.

Along with this, by shortening the approval period for new industrial complexes and diversifying the types of industries attracted, the province will eliminate uncertainties in corporate investment to enable swift investment decisions.

First, to shorten the approval period, an early environmental impact assessment consultation meeting will be held to reduce the consultation period, and minimal supplementation will be ensured through prior consultations in farmland and mountain areas.

Currently, most industrial complexes are planned with one industry type per lot, causing lengthy administrative procedures such as industrial complex plan changes when the industry type does not match. Therefore, based on occupancy demand surveys, the province plans to actively implement overlapping designation of industries so that multiple industries can occupy each lot.

Gyeongbuk Province expects that with the shortening of approval periods and overlapping designation of industries, uncertainties in corporate investment will be eliminated, further activating private development projects.

A Gyeongbuk Province official stated, “The most important factor in attracting investment is timely supplying the sites companies want, so we will do our best to expand industrial complexes faster and more promptly to revitalize the local economy and create quality jobs.”

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