Korea to develop 9 new industrial complexes, revamp old ones

Korea to develop 9 new industrial complexes, revamp old ones

The government plans to select nine areas in the country's major commercial cities to develop highly efficient industrial complexes with adjacent accommodation through deregulation by 2015.

In an investment and trade meeting presided over by President Park Geun-hye at Cheong Wa Dae on Wednesday, the Ministry of Strategy and Finance said these will not only lead to job creation but reinvigorate its inefficient systems for industrial site operations.

"We must closely evaluate the potential (economic) effects such measures would bring, even if we inevitably have to implement regulations for public and environmental safety," the president said.

"We must gather as many opinions as possible from the private sector before we put forth these measures into legislation," she added.

Its measures also include drastically remodeling the existing 25 industrial complexes that are more than 30 years old. There are a total of 102 industrial complexes that have been operating for more than 20 years.

The government's key agencies such as the Ministry of Trade, Industry and Energy and the Ministry of Land, Infrastructure and Transport have already chosen six areas where they hope to attract both businesses and households through environmental deregulation, land price cuts and public service fee cuts.

The other three areas are expected to be selected soon, the ministries said.

Korea is seeking to overhaul its industrial landscape to better align with its creative economy and technology convergence policies. It hopes to do so by retooling inefficient complexes that have failed to attract businesses in part due to high land prices and their remoteness from commercial cities.

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