A view of the Gwangyang Bay in S. Jeolla Province, where Hareyong Gen. Industrial Complex is to be built to lead the development of the southern region of the province, which already has POSCO's Gwangyang Steel Complex and GS Caltex oil refinery complex near Yeosu.

During its 76th meeting on May 29, with the Free Economic Zone Committee of the Ministry of Trade, Industry and Energy approved a revised plan for the development of the Haeryong General Industrial Complex inside the Gwangyang Bay area in South Jeolla Province. 

It’s expected to give the region an economic boost. 

The approved plan calls for strengthening connections of the complex with the Yeosu Petrochemical Complex and the Gwangyang Steel Complex, which are located nearby, and adding chemical, non-metal industries and research development firms in the new complex. The complex initially sought such industries as metal, electronics and autos to set up plants. The revision includes widening land for roads to allow the construction of an interchange near the entrance of the complex and removal of land for support facilities to the center of the complex to improve access to the complex.

The committee approved the plan and its revision in the hope that the development of the Haeryong complex will be sped up. It’s also hoped that it will be a center of the industrial zone that links the Gwangyang Steel Complex and the Yeosu National Industrial Complex. Another goal is that it will help spur the regional economy of the southern coastal area of South Jeolla Province. 

The important part of the revised plan is the construction of an interchange in the region to improve accessibility to the two complexes and will therefore help to attract key industries to the national economy, such as electronics and auto.

The revision of the plan calls for the 20.4 billion won interchange to be completed by November, changes in financial resources, and readjustments to the budget and completion dates. The construction of the interchange in the center of the industrial complexes will boost accessibility to some 4,056 sq. meters of land. 

The complex originally intended to attract eight industries to set up plants, but it was expanded to 13 industries in the revised plan for the complex, with such companies as rubber, chemical, plastics, non-metal, electricity and gas suppliers and research institutes allowed to set up shop.

The completion date for the construction of the complex had to be pushed back due to related organizations for the complex project not able to agree on the revision for some time. The construction of the interchange had to be put off from 2003 to 2015 to 2003 to 2016, with the government fund to be allocated to the costs to build the project rising from 20 billion won to 40.4 billion won. 

The total investment is some 321.9 billion won, up 6.4 billion won.

A  view of POSCO's Gwangyang Steel Complex in Gwangyang Bay in  S.Jeolla Province.(Photo:POSCO)