Project launched to create chemical materials clusterA project to create a functional chemical materials cluster in Sepung Industrial Complex in Gwangyang, has begun.
The government approved 60.2 billion won for the project last July. Construction for the project is expected to be completed in 2019.
A functional chemical materials cluster is intended as an alternative to the petrochemical industry. The government expects the project will create 148,000 new jobs and 1 trillion won ($861.1 billion) in profits within 16 years. Sepung Industrial Complex, where the project will be located, is expected to be completed in 2020.
“Korea’s petrochemical industry is currently top five in the world. However, Korea is losing its competitiveness in this industry. The government is pushing this project in order to solve this problem,” said Gwangyang Bay Area Free Economic Zone Authority (GFEZ) in a press release.
“This project will make this area the key place for functional chemical materials in the country.”