The site preparation work for the construction of the second Jeju Advanced Science and Technology Complex, a national industrial complex located in Wolpyeong-dong, Jeju City, has begun. This marks the first groundbreaking in 10 years since the initial business plan was established in 2014.
The Jeju Free International City Development Center (Chairman Yang Young-cheol, hereinafter referred to as JDC) announced on 28th May that it will hold a groundbreaking ceremony for the site development work for the second Jeju Advanced Science and Technology Complex in Wolpyeong-dong, Jeju-City on the 30th May
The business plan for Advanced Science and Technology Complex 2 was first established in 2014, and passed the government’s preliminary feasibility study in June 2015. Following which, it was designated as a national industrial complex (Ministry of Land, Infrastructure and Transport) in December 2016, completed transfer of ownership of the business site in December 2020, received approval for the development implementation plan (Jeju Island) in December 2022, and procedures such as the completion of the detailed design in July 2023.
Key figures from related organizations such as JDC, the project operator, the Ministry of Land, Infrastructure and Transport, the Office for Government Policy Coordination, and Jeju Special Self-Governing Province, as well as local residents, will be attending the groundbreaking ceremony.
The scale of the second Advanced Science and Technology Complex 2 spans across an approximate area of 848,000 m2 with a total project cost of 392.1 billion won (JDC 367.1 billion won, national budget 25 billion won). It intends to attract advanced technology industries such as information technology (IT), life science technology (BT), cultural technology (CT), environmental engineering technology (ET), and research and development (R&D) , and is working towards a site development completion in 2028.
In particular, to successfully promote the Advanced Science and Technology Complex 2 project, JDC intends to implement a multifaceted strategy to attract companies and carry out promotional activities, such as conducting pre-sale before completion, attracting anchor companies and companies relocating to the metropolitan area, building specialized support facilities for companies and knowledge industry centers, and formulating incentives to promote business development.
The Advanced Science and Technology Complex 2 is a national industrial complex being built in the Wolpyeong-dong area adjacent to first complex. It aims to promote regional economic revitalization and a balanced development by expanding the industrial base of the Jeju region and strengthening industrial innovation capabilities. It is expected to create 3,600 new jobs, induce production worth 1.3 trillion won, generate added value of 700 billion won, and have an employment induction ripple effect for 12,000 people.
JDC Chairman, Yang Young-cheol said, “We will strive to lay the foundation for advanced technology industries and create quality jobs in Jeju Island by starting construction on the second complex of the Jeju Advanced Science and Technology Complex.” He added, “In particular, it is expected to help revitalize the construction industry in Jeju, which has recently been stagnant.”
Source: Jeju Ilbo (http://www.jejunews.com), published May 28, 2024
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