By Kim Jae-kyoung
Samsung Electronics said Thursday that it will create an industrial complex in Godeok International New Town in Pyeongtaek, Gyeonggi Province, to accommodate production facilities of the electronics giant’s new businesses, including solar energy and medical equipment.
The complex will be named “Samsung Godeok Industrial Complex,” and established in area of 3.95 million square meters within Godeok New Town. It is more than twice the size of Samsung’s business unit in Suwon and LG Display’s production line in Paju, Gyeonggi Province.
For confirm the deal for the development, Samsung Electronics Vice Chairman Choi Gee-sung and Gyeonggi Province Governor Kim Moon-soo signed a contract Thursday to construct the mega complex at the headquarters of the provincial government.
According to the province, Gyeonggi Urban Innovation Corp., a development company run by the province, which will be in charge of developing the complex, will sign an official contract with Samsung to sell the lots in March next year.
The provincial government plans to begin the construction in June and complete it by the end of 2015. It is estimated that more than 20 trillion won will be invested to create the site, according to the government. But Samsung has yet to unveil details of the project, including the timetable.
“Samsung Group aims to join the league of the global top 10 companies by 2020, with only new growth engines, such as solar energy, generating 50 trillion won in revenue,” Choi said after the signing ceremony.
“We expect that the Samsung Godeok Industrial Complex will help us secure global competitiveness,” he added. “Korea is at a crossroads as it is being sandwiched between China and Japan. Samsung Electronics will make the best efforts to sharpen the national competitiveness by building this new complex.”
Samsung is expected to develop the industrial park into one of its high tech complexes, similar to Suwon Digital City, which will produce solar energy panels, car batteries, LEDs, medical equipment and bio pharmaceuticals.
Gyeonggi Province expects that the new industrial park will help the Pyeongtaek area emerge as the center of the nation’s economy to lead future growth.
“I’m so pleased that Samsung Electronics, the world’s top manufacturer, has decided to create an advanced industrial complex in Pyeongtaek, and not in a foreign country,” Governor Kim said.
“Together with people in Gyeonggi Province, the government will provide full support so Samsung can have a successful business here,” he added.
Located on an area of 17.43 million square meters that extends Godeok village and Sejeong-dong in Pyeongtaek, Godeok International New Town will consist of a residential complex that can accommodate 54,000 households on top of the Samsung industrial complex.