Saemangeum Development Agency "Will Expand Industrial Land According to Corporate Demand"

Revealed at the Livelihood Forum on the 18th
Industrial land to be supplied by converting the reclaimed site usage

[Image source=Yonhap News]

The Saemangeum Development Agency announced on the 18th that it is considering expanding the area of industrial land to meet the rapidly increasing demand from companies. On the same day, the government held a public discussion forum in Jeongeup, Jeonbuk, under the theme "Jeonbuk, the Economic Forward Base Opening the New West Coast Era."

At the event, the Saemangeum Development Agency stated, "In addition to the Saemangeum Industrial Complex where companies are currently located, we plan to rapidly develop the 2nd National Industrial Complex. Furthermore, to actively reflect corporate demands, if necessary, we will promptly supply industrial land to companies by converting the use of already reclaimed land."

Saemangeum provides corporate tax reductions and infrastructure support through designation as an investment promotion district and a secondary battery specialized complex. Since the current government took office, it has attracted investments totaling 10.2 trillion won. This amount is about seven times the cumulative performance (approximately 1.5 trillion won) over nine years since the establishment of the Saemangeum Development Agency.

Nevertheless, under the current Saemangeum master plan, only 9.9% of the total development area (291㎢) is planned for industrial land. Most of the Saemangeum National Industrial Complex sites (Zones 1, 2, 5, and 6), where companies can settle, have been sold out. The current sales rate is 84%.

The Saemangeum Development Agency explained, "As competition to establish global supply chains intensifies, there is a flood of land requests from companies for timely investment. Therefore, it is necessary to expand industrial land according to corporate demand."

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