Yangju Techno Valley Project Set to Advance in Full Scale... Reflected in Next Year's 'Gyeonggi Province Industrial Complex Designation Plan'

[Suwon Ilbo=Reporter Park Nohoon] Gyeonggi Province announced on the 26th that the 'Gyeonggi Yangju Techno Valley' project, jointly promoted by the province, Yangju City, and Gyeonggi Urban Development Corporation, will advance in full scale. This follows the recent decision by the Ministry of Land, Infrastructure and Transport's Industrial Site Policy Review Committee to reflect the project as a new item in the '2020 Gyeonggi Province Industrial Complex Designation Plan.'

The ministry's review was conducted in accordance with Article 9-2, Paragraph 6 of the 'Integrated Guidelines on the Development of Industrial Sites,' with a focus on verification of site demand and project implementation capability, according to provincial officials.

The 'Gyeonggi Yangju Techno Valley' will be developed by Gyeonggi Province, Yangju City, and Gyeonggi Urban Development Corporation with a total project investment of 142.4 billion won in the Nambang-dong and Majeon-dong areas of Yangju City. It is expected to serve as a driving force to enhance industrial competitiveness in the northern region by increasing synergy effects in connection with the Yangju Station district urban development project.

Previously, in February, Gyeonggi Province, Yangju City, and Gyeonggi Urban Development Corporation signed a 'Joint Project Implementation Agreement for Yangju Techno Valley' and confirmed each organization's scope of work and project cost allocation (Gyeonggi Urban Development Corporation 63%, Yangju City 37%).
The province then received approval from the Gyeonggi Provincial Assembly on a new investment project promotion agreement in May, underwent the Ministry of Interior and Safety's third round of local finance central investment screening in October, and received a 300,000㎡ industrial complex allocation following the fourth Gyeonggi Province local industrial site review in November.
Once preliminary procedures for project promotion are finalized with the reflection of the industrial complex designation plan next year, the province will enter the formal licensing procedures. The province plans to implement related administrative procedures without delay, targeting completion of restricted development area designation cancellation and submission of industrial complex plan approval by July next year.
To ensure successful project promotion, the province operates a 'Joint Project Implementation Agency Task Force' within the Urban Policy Division to coordinate opinions among joint project implementers regarding basic concepts, development planning, and project implementation schedules.

Lee Seung-il, Director of the Urban Policy Division of Gyeonggi Province, stated, "Since the site is adjacent to Yangju Station and a station district urban development project is underway nearby, the location conditions are excellent in terms of transportation and residential environments for workers," and added, "We will do our utmost to proceed with related procedures expeditiously, targeting approval of the industrial complex plan in the second half of 2021 so that construction can begin at an early date."