The South Korean government will provide 27.2 billion won (approximately $22.5 million) to support upgrades to cultural and convenience facilities in aging industrial complexes across eight regions.
The Ministry of Trade, Industry and Energy announced on September 30 that it has selected industrial complexes in Muan, South Jeolla; Sacheon, South Gyeongsang; Gyeongsan, North Gyeongsang; Jeongeup, North Jeolla; Cheorwon, Gangwon; and three other locations for the funding under the '2026 Industrial Complex Environmental Improvement Project' initiative.
The youth cultural center initiative includes the Cheonggye Agricultural Industrial Complex in Muan, the Sanam Agricultural Industrial Complex in Sacheon, and the Asan Technopolis in Asan, with each receiving 4 billion won, totaling 12 billion won for the three centers. These centers aim to create spaces that combine cultural and business innovation support.
For the factory remodeling project, the Gyeongsan 1st General Industrial Complex in Gyeongsan and the Jeongjang Agricultural Industrial Complex in Geochang have been selected. This project will renovate vacant factories to provide industrial space for startups and small businesses at rates below 70% of the local market price, with 7 billion won allocated to each site, totaling 14 billion won.
The youth-friendly factory renewal project includes the Sin Taein and Buk-myeon Agricultural Industrial Complex in Jeongeup, the Jeongeup 2nd and 3rd General Industrial Complex, the Daebul National Industrial Complex in Yeongam, and the Kimhwa Agricultural Industrial Complex in Cheorwon, with a total of 1.2 billion won in government support.
Since 2015, the Ministry has been promoting the industrial complex environmental improvement project, investing a total of 1.3 trillion won in 224 projects by 2024. The lack of adequate cultural and convenience facilities has been identified as a reason for young people avoiding industrial complexes, prompting an expansion of support for youth cultural centers and factory renovations.
The Ministry stated, "We will support the transformation of aging industrial complexes into creative and innovative spaces that attract talent and new industries while promoting balanced regional growth."
* This article has been translated by AI.
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