Naju, South Korea – The Ministry of Land, Infrastructure and Transport announced on July 2nd its approval for the industrial complex development plan of the Naju Energy National Industrial Complex. This significant project, which will see an investment of approximately 263.3 billion Korean Won (roughly USD 190 million), is slated for completion by 2032, transforming Naju into a pivotal center for South Korea's burgeoning energy sector.

The new industrial complex will span 1.25 square kilometers (approximately 380,000 pyeong) in Wanggok-myeon, Naju, specifically in the Deoksan-ri area. The ambitious undertaking will be jointly executed by the Korea Land and Housing Corporation (LH) and the Jeonnam Development Corporation. Upon its full establishment, the Ministry anticipates substantial economic benefits, including a production inducement effect of 316.4 billion Won and the creation of approximately 1,515 new jobs. Given these promising projections, procedures such as land compensation are expected to accelerate starting this year to meet the 2032 target.

The journey to this approval has been a prolonged one. Naju was initially designated as a candidate site for a national industrial complex in August 2018 during the Moon Jae-in administration. However, the project faced delays due to a downturn in investment sentiment within the energy industry. The recent finalization of the plan, seven years after its initial designation, is a testament to the collaborative efforts of the central government, local authorities, and project implementers. A crucial factor in revitalizing the initiative was the establishment of the Korea Institute of Energy Technology (KENTECH), a specialized university designed to foster talent and innovation in the energy field.

Naju is already a significant nexus for South Korea's energy infrastructure. It hosts key institutions such as the Korea Electric Power Corporation (KEPCO) and the aforementioned KENTECH. Additionally, the existing Naju Innovation General Industrial Complex, a component of the broader "Energy Valley" initiative, has attracted numerous energy-related businesses and public institutions, including KEPCO affiliates and 16 other public bodies. KENTECH, with its campus spanning 400,000 square meters and aiming for full facility completion by 2025, is strategically located within Naju Innovation City. The university is committed to creating a vibrant industry-academic cluster, positioning Naju as a world-class energy research city. Furthermore, the "Korea Electric Equipment Testing & Research Institute" in the Naju Innovation Industrial Complex provides vital support for certification testing and technology development for power equipment.

Kim Ji-yeon, Director-General for National Territorial Policy at the Ministry of Land, Infrastructure and Transport, emphasized the strategic importance of the project. "The designation of the Naju Energy National Industrial Complex is significant as it lays the foundation for a national strategic hub for the energy industry, a future new growth engine," Kim stated. She further added that during the construction phase, plans include expanding solar power generation facilities within the complex and strengthening inter-agency cooperation to ensure a stable supply base for renewable energy.

This approval marks a critical step in solidifying Naju's role as a national strategic base for new growth in the energy industry, fostering a robust ecosystem for research, development, and industrial growth in clean and sustainable energy.