Chungnam Province "Building Asan Bay Valley... Drawing a New Economic Industry Map"

On the 7th, Chungnam Province announced that it held the Bay Valley Vision Proclamation Ceremony at Cheonan City Hall under the theme "Bay Valley, Drawing a New Economic Map of Korea."

Bay Valley is a super-regional and mega project aimed at developing the Asan Bay area into a hub for the 4th industrial revolution industries such as semiconductors and the hydrogen economy. Chungnam Province plans to invest a total project cost of 32.8 trillion KRW by 2050 in this project.

Chungnam Province held the Bay Valley Vision Proclamation Ceremony at Cheonan City Hall on the 7th. Officials from Chungnam Province attending the vision proclamation ceremony are taking a commemorative photo. Photo by Chungnam Province

Chungnam Province will promote 10 projects across four sectors: industry, talent, settlement, and SOC, with the vision of "Bay Valley, the Economic and Industrial Capital of Korea."

The core projects include establishing a Bay Valley carbon-neutral industrial belt, fostering semiconductor and future mobility industries, nurturing bio and new materials industries, introducing a corporate regional talent recruitment target system, and establishing the Bay Valley Development Agency.

Currently, 3.3 million people reside in the Asan Bay area. Additionally, 230,000 companies and 34 universities are concentrated there, and the GRDP reaches 204 trillion KRW.

Above all, this region hosts many global companies such as Samsung, Hyundai, and LG, leading Korea's future industries including semiconductors, future cars, and batteries.

Furthermore, Chungnam Province plans to build a new city with a population of 100,000 by combining corporate, university, international education, and smart city functions to serve as the core hub city of Bay Valley.

In particular, to establish a well-connected road network, Chungnam Province emphasizes constructing the Bay Valley Circular Expressway to break down the boundary between Chungnam and Gyeonggi regions.

Previously, in July 2022, Chungnam Province designated the Bay Valley Megacity construction plan as the first task of the 8th local government administration and signed a win-win cooperation agreement with Gyeonggi Province in September of the same year.

Following that, in October of the same year, a public-private joint promotion team and advisory committee were formed, and in February last year, a basic plan establishment research project began, marking the full-scale advancement of Bay Valley Megacity construction.

Kim Tae-heum, Governor of Chungnam Province, stated, "Using the establishment of Bay Valley as a stepping stone, Chungnam will change the economic map of Korea by achieving goals such as ranking 30th in the world economy and attracting 2.2 billion USD in foreign investment by 2050."

He added, "By designating Chungnam Economic Free Zones in the four cities of Cheonan, Asan, Seosan, and Dangjin, we will attract foreign investment through unprecedented regulatory innovation and customized support, and by introducing a corporate regional talent recruitment target system, we will enable youth to become the main actors of Bay Valley."

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