Gyeonggi-do Makes All-Out Effort to Secure National Funds for Banwol·Siwha 'Industrial Complex Grand Renovation'

National Budget Securing Departmental Report Meeting [Gyeonggi-do]

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[Asia Economy Reporter Ra Young-cheol] Gyeonggi Province has decided to make every effort to secure national funding through inter-agency cooperation to expedite the ongoing 'Industrial Complex Grand Renovation Project' targeting the Banwol·Siwha National Industrial Complex.

On the 20th, Gyeonggi Province held the 'Gyeonggi Province Industrial Complex Grand Renovation Project Progress Review Meeting' chaired by the Provincial Economic Director, where they reviewed the progress of each detailed project with related agencies and discussed such measures.

The 'Industrial Complex Grand Renovation Project' is a government-wide policy aimed at transforming industrial complexes, the backbone of manufacturing, into hubs for economic revitalization, job creation, and regional industry innovation.

In March last year, the province selected the Banwol·Siwha National Industrial Complex as the project site through a government competition and is promoting the project with a total budget of 749.7 billion KRW, including 143.6 billion KRW in national funds, 152.9 billion KRW in local funds, and 453.2 billion KRW in private investment, to be completed by 2024.

The core of the project is to transform the Banwol·Siwha Industrial Complex into a 'global forward base for future advanced manufacturing industries' by linking it with Seongnam General Industrial Complex and Hwaseong Balan Industrial Complex, implementing 32 projects across three major areas: 'Digital New Deal Manufacturing Innovation,' 'New Industry Job Creation and Professional Workforce Development,' and 'Green New Deal and Future Industry Infrastructure Establishment.'

The province has supplemented its innovation plan through two rounds of consulting last year and is continuously collaborating with relevant central government ministries to promote the project.

In particular, to ensure smooth national funding, including the reflection of the 2023 government budget, the province plans to continue joint efforts with related agencies by visiting the Ministry of Economy and Finance and other relevant ministries, as well as actively explaining current projects to local lawmakers.

Upon successful completion, the project is expected to achieve comprehensive development of the materials, parts, and equipment industry centered on future mobility, next-generation semiconductors, and intelligent machinery equipment.

Additionally, it is anticipated to enhance the digital capabilities of root technology specialized companies through advanced smartification of manufacturing plants, resulting in a production increase of 5 trillion KRW and the creation of 10,000 jobs.

The meeting was attended by 15 officials from the Korea Industrial Complex Corporation Gyeonggi Headquarters, Smart Green Industrial Complex Project Group, the three cities/counties of Ansan, Siheung, and Hwaseong, and the Next-Generation Convergence Technology Institute.

The province requested active participation and cooperation from related agencies to ensure the smooth progress of detailed projects, inter-agency cooperation, and efforts to secure national funding.

Ryu Gwang-yeol, Economic Director, stated, "The Industrial Complex Grand Renovation is an opportunity for the aging industrial complexes to take a leap forward by fostering an innovative hub for the new industry smart green ecosystem."

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