Sandan Gong, Initiates 'Reboot' for Aging Industrial Complexes
Implementation of Follow-up Projects for the 'Industrial Complex Master Plan'
The Korea Industrial Complex Corporation announced on the 27th that it will begin full-scale implementation of the "Industrial Complex Master Plan," designed to revitalize aging industrial complexes. The Korea Industrial Complex Corporation plans to transform 13 regional industrial complexes over the next 10 years into spaces where future industries and young people gather by promoting structural advancement projects.
The "Industrial Complex Master Plan" is a follow-up measure to the government's industrial complex location killer regulation innovation plan announced in August last year, proposed by the Korea Industrial Complex Corporation to support local governments in establishing industrial complex policies. It includes 280 future development projects aimed at industrial upgrading and spatial innovation of major aging industrial complexes.
Based on this, the Korea Industrial Complex Corporation plans to promote 36 key projects for industrial complex structural advancement over the next 10 years starting in 2024, with a total project cost of 3 trillion won including national funds and private investments. The project budget will be raised and implemented through government contributions for 20 projects amounting to 440 billion won, linked with the Industrial Complex Environment Improvement Fund for 6 projects totaling 1.81 trillion won, private sector execution for 6 projects worth 770 billion won, and reinvestment of development profits and local government funds for 4 projects totaling 20 billion won.
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Lee Sang-hoon, President of the Korea Industrial Complex Corporation, said, “This year is the first year to concretize the Industrial Complex Master Plan established last December,” adding, “We will strive to ensure that the planned projects proceed with a sense of urgency.”
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