The Korea Industrial Complex Corporation (KICOX) announced that it held a groundbreaking ceremony for the Gyeongsan 4th General Industrial Complex at the site on November 23 with 500 officials and local residents, such as Gyeongsan Mayor Choi Young-jo, chairman of Gyeongsan City Council, vice governor of North Gyeongsang Province and related agencies and enterprises, in attendance, beginning construction in earnest.
The Gyeongsan 4th General Industrial Complex is the first industrial complex established in the Daegu City-North Gyeongsang Province region, after the KICOX was relocated to Daegu Innovation City in 2014. With the site area of 2,402 square meters (727 peyong) and investment of 499.4 billion won (US$459.64 million), the new complex will completed in Ilwon, Gyeongsan, North Gyeongsang Province, in 2021.
With a synergy effect with the existing Gyeongsan first to third complexes and the Gyeongsan Urban High-tech Industrial Complex to be established in nearby Amnyang-myeon, the new complex is expected to create production of 5.8 trillion won (US$5.34 billion), exports of US$18 million (19.56 billion won) and employment of 1,2000.
In addition, the Gyeongsan 4th General Industrial Complex signed a memorandum of understanding (MOU) in April 2017 with Ajin Industrial Co. and Samkwang Automotive Co. to make a large-scale investment of 226.1 billion won (US$208.12 million) of and hire 1,645 new employees, in order to build an automotive component and plastic manufacturing facility with a total area of 176,300 square meters. It will also attract companies in the high-tech sectors such as new material, precision machinery and mechatronics sectors, build a park, green belt and apartment buildings to make a clean residential environment for workers and create a future-oriented industrial complex in accordance with the fourth industrial revolution in the future.
Located in the center of the southeastern, or Yeongnam, region, the Gyeongsan 4th General Industrial Complex has a whole traffic network with Daegu International Airport and extension of Daegu Urban Railway and is also close to 170 affiliated research institutes of 12 universities and 3,000 small and mid-size firms. Furthermore, the new complex is expected to play a pivotal role in the Yeongnam industry construction as it is quickly accessible to leading regional industry complexes concentrated around the Gyeongbu Central Expressway.
KICOX Chairman Hwang Kyu-yearn said, “We will create the Gyeongsan 4th General Industrial Complex, which has been supplied to Daegu, North Gyeongsang Province, for the first time since our relocation to Daegu Innovation City, as the industrial complex near home that embraces the industrial, logistics, residential and educational environments in one space. We will also make it the best industrial complex by creating more jobs and maximizing productivity and efficiency.”
Meawhile, the KICOX, an agency specialized in innovative industrial complexes, supplies small and mid-size customized industrial complexes that respond to changes in industrial structures and meet corporate demand for location, like the Gyeongsan 4th General Industrial Complex, to Ulsan, Osong, Asan and Wonju.