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Exterior view of the Korea Institute of Energy Technology (KENTECH) in Naju, South Jeolla Province, taken on the afternoon of June 8. [Photo: Yonhap News] |
[Alpha Biz= Paul Lee] On July 2, the Ministry of Land, Infrastructure and Transport of South Korea approved the industrial complex development plan for the Naju Energy National Industrial Complex.
Originally designated as a candidate site in August 2018, the project faced delays due to weakened investor sentiment in the energy sector. However, thanks to joint efforts by the central and local governments as well as project developers—including the establishment of the Korea Institute of Energy Technology (KENTECH) to attract corporate interest—the plan has been finalized after seven years.
Naju is home to Korea Electric Power Corporation (KEPCO), KENTECH, and the Naju Innovation General Industrial Complex, making it a key region for the nation's energy ecosystem. The new national industrial complex is expected to further strengthen the area’s role as a hub for South Korea’s energy industry.
The complex will be built on a 1.25 square kilometer (38,000 pyong) site in Deoksan-ri, Wanggok-myeon, Naju City. Korea Land & Housing Corporation (LH) and the Jeonnam Development Corporation will co-develop the project, with a total investment of KRW 263.3 billion (approx. USD 190 million) by 2032.
According to the ministry, the completed complex is expected to generate KRW 316.4 billion in economic output and create approximately 1,515 new jobs.
AlphaBIZ Paul Lee(hoondork1977@alphabiz.co.kr)
