Guri City Signs MOU with Domestic Construction Companies and Investors

Guri City has signed an MOU with local construction companies that are participating in the Guri World Design City Project (GWDC) on July 9.

Park Young-soon, mayor of Guri City in Gyeonggi-do, hosted a ceremony for the development project at the Guri Art Hall on July 9. Nine investors attended the event.

[[{"fid":"12086","view_mode":"body_image_right","fields":{"format":"body_image_right","field_file_image_alt_text[und][0][value]":"Guri City Mayor Park Young-soon.","field_file_image_title_text[und][0][value]":""},"type":"media","attributes":{"alt":"Guri City Mayor Park Young-soon.","height":825,"width":550,"class":"media-element file-body-image-right"},"link_text":null}]]In a bid to make Guri the hub of the design industry in Asia, Guri City has pursued the GWDC project for 8 years. For the successful implementation of the project, Guri City has recruited 7 construction companies – Hyundai Construction Inc., GS Construction Inc., POSCO A&C Inc., Hoban Construction, Seohui Construction Inc., Shindonga Inc., and Kunyoung Inc. – and Bukuk Securities Co. and Korea Asset Trust Co as strategic investors.

At the event, Guri City, the Guri Urban Corporation, and K&C Inc. signed an MOU with the above-mentioned 9 companies on the GWDC. In preparation for the end of regulatory restrictions associated with Greenbelt policy, government officials, companies, and investors all agreed to cooperate on conditions of strategic investment and construction areas for investment.

Mayor Park Young-soon said, “The local economy has been stagnant lately, and the city has been in desperate search for a new engine of growth,” adding, “The GWDC project represents a significant opportunity.” Once launched, the GWDC will create as many as 11 million jobs in design, services, logistics, tourism, and other areas, and will accommodate at a minimum of 2000 global companies. “I'm certain that in the not-too-distant future, Guri City will become a world class design city,” said Mayor Park. A CEO of a construction company attending the MOU signing ceremony added, “I feel proud to be a part of the government's vision for the creative economy, which will also represent the second miracle of the Han River."

On March 19, the Central City Planning Commission of the Ministry of Land, Infrastructure and Transportation (MOLIT) announced the “conditional” end of Green belt restrictions at the 7th deliberation. In response, from July to August, Guri City is planning on inducing foreign investment corporations to establish their presence in the city, and it also set out to attract foreign capital of a certain amount. As the review of the Ministry of Government Administration and Home Affairs and Multilateral Agreement on Investment is approaching, these MOUs with construction companies and strategic investors will have a positive impact.

Currently, Guri City is taking necessary measures to end the Greenbelt restrictions. As a first step, the city is signing MOUs with such organizations and groups as the Korea Federation of Design Association, Urban Design Institute of Korea, and Seoul Institute of Arts. A spokesperson for Guri City said, “The City will make every effort towards that goal.”

The GWDC development project that Guri City is promoting is a brand new type of design industry, as its focus is placed on the combination of features of hospitality and design industries and promote the Meeting, Incentives, Conventions, and Exhibitions (MICE) industry. Guri is intent on pioneering this new vision among many Asian countries.

Once this project is completed, Guri plans to host 500,000 medium and large-sized EXPOs with its focus on construction and interior design. The city expects that such events will bring at least 180 million foreign visitors every year with an economic impact of 7 trillion won (US$6.2 billion). The project will help make Korea a center of hospitality and design. Overall, the project will drive the second miracle of the Han River.