Government designates three high-tech industrial bases in Sejong City as special opportunity development zones
Korea United Pharmaceutical signs an agreement with Sejong City… Investment of 63.8 billion won
As the Presidential Local Era Committee finally designated three high-tech industrial bases in Sejong City as special opportunity development zones, Korea United Pharmaceutical is beginning to make large-scale investments in Sejong City. This designation is centered around the high-tech materials and parts commercialization zone, and Korea United Pharmaceutical plans to invest approximately 63.8 billion won in this area to build a pharmaceutical production plant and lead the way in job creation.
Korea United Pharmaceutical announced on the 15th that it attended the Local Era Expo held in Chuncheon, Gangwon-do on the 6th and signed an investment agreement for an opportunity development zone with Sejong City. According to this agreement, Korea United Pharmaceutical purchased approximately 8,000 pyeong of land in the Jeondong General Industrial Complex in Sejong City and is planning to begin construction at the end of this year and complete the factory in 2029. This factory aims to expand production capacity in preparation for increased sales of improved new drugs, and is also expected to create large-scale new jobs.
Kang Won-ho, CEO of United Pharmaceutical Korea, who attended the agreement ceremony, said, “It is an honor to be a member of the Special Opportunity Development Zone. “In the future, we will contribute to the revitalization and development of the local economy through coexistence with the local community,” he said.
Special Opportunity Development Zones are a core policy of the current government in the local era and are a system to revitalize the local economy by providing various benefits to companies that move from the metropolitan area to the provinces, start a business, or pursue new or expanded facilities in the province.
Kim Sang-jun, Donga.com reporter [email protected]
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How can local communities effectively collaborate with businesses in Sejong City to maximize economic growth?
Interview between Time.news Editor and Industry Expert on Sejong City’s New Development Zones
Time.news Editor (TNE): Good morning and welcome to our interview segment. Today, we have a special guest, Dr. Min-Jae Lee, an expert in industrial development and economic policies, to discuss the recent designation of high-tech industrial bases as special opportunity development zones in Sejong City. Thank you for joining us today, Dr. Lee.
Dr. Min-Jae Lee (ML): Good morning! It’s a pleasure to be here.
TNE: Let’s dive right in. Sejong City has been recently recognized as a special opportunity development zone with the involvement of major companies like Korea United Pharmaceutical. What does this designation mean for the city economically?
ML: This designation is significantly impactful. It provides incentives for companies to invest in regions outside the metropolitan areas, which traditionally get most of the investment flows. By establishing Sejong City as a high-tech industrial base, the government aims to stimulate local economies, create jobs, and promote technological advancements in sectors such as pharmaceuticals.
TNE: That’s interesting! Korea United Pharmaceutical has committed to investing approximately 63.8 billion won for a new production facility in the area. What implications does this have for job creation in Sejong City?
ML: The investment will likely create a substantial number of jobs, not only during the construction phase but also in long-term operations. Companies like Korea United Pharmaceutical typically offer positions across various levels — from skilled manufacturing roles to high-level research and development jobs. This can help reduce unemployment rates and boost local talent retention.
TNE: In the agreement, the CEO of Korea United Pharmaceutical emphasized the importance of contributing to the local economy. How crucial is the collaboration between businesses and local communities in this context?
ML: It’s extremely crucial. When businesses actively engage with local communities, they can tailor their operations to meet local needs, create programs that support local quality of life, and foster a cooperative atmosphere. This can enhance their corporate social responsibility efforts, ultimately creating a symbiotic relationship where both the business and the community thrive.
TNE: The establishment of these zones is part of a broader government policy designed to shift investments from urban to regional areas. How effective do you believe this strategy will be in the long run?
ML: While the immediate effects, such as job creation and economic growth, can be substantial, the long-term effectiveness will hinge on sustained interest from businesses and continued government support. If companies see that their investments yield positive returns and communities benefit meaningfully, this model can become a transformative force for regional development in South Korea.
TNE: What challenges do you foresee for Sejong City as it embarks on this journey?
ML: There are a few notable challenges. Firstly, attracting and retaining talent in these new industrial sectors is crucial; there must be adequate infrastructure, such as housing and amenities, to support incoming workers and their families. Additionally, companies must navigate potential regulatory hurdles and ensure that there is a skilled workforce available. Balancing economic growth with environmental sustainability will also be essential to prevent problems down the road.
TNE: Thank you for those insights, Dr. Lee. Lastly, what should other cities looking to establish similar zones learn from Sejong City’s experience?
ML: They should prioritize establishing a clear incentive structure for businesses, engage with local communities to foster good relationships, and ensure that infrastructure development aligns with business needs. Continuous dialogue between government entities, businesses, and communities is key to creating an environment where all stakeholders feel invested in the outcome.
TNE: That’s great advice! Thank you once again for sharing your expertise with us, Dr. Lee. It’s clear that the future looks promising for Sejong City, and we will be keenly following its developments.
ML: Thank you for having me! I’m looking forward to seeing how this initiative unfolds in the coming years.