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Hanwha Solutions Corporation, the South Korean chemical giant, announced Monday its plans to invest $300 million in building a new industrial complex, dubbed H-Techno Valley, in Hwaseong, Gyeonggi Province by 2027.
The South Korean chemical company will fund the project through a public-private development scheme, and this was confirmed on Monday, June 19. The site will be called the H-Techno Valley and will rise in Hwaseong, Gyeonggi Province.
As per The Korea Herald, the industrial complex will house production plants for semiconductors and auto parts. The project is reportedly a move to make up for its slowing oil and gas businesses.
The construction of Hanhwa Solutions’ new industrial complex was approved by the city of Hwaseong. Based on the reports, the two sides will jointly invest in the project, which is estimated to be worth KRW380 billion. The site is located in the southern section of the said city’s metropolitan area.
Hanhwa Solutions and Hwaseong City are expecting other Korean chipmakers and vehicle manufacturers to set up their own production bases at the complex as well. Once completed, the new business district is estimated to generate at least 7,000 new jobs. In addition, the project may also boost the economy and provide KRW3.22 trillion for the operation.
It was also noted that the location is close to a cluster of semiconductor facilities in Hwaseong and Pyeongtaek. It is also within the proximity of the automotive group that links major cities along South Chungcheong and Gyeonggi Province.
Korea Joongang Daily reported that Hanhwa Solution’s H-Techno Valley project will sit at 740,000 square meters of land in Yanggam-myeon. This is about 183 acres that will be the future home of major manufacturing facilities in the chip and auto sectors.
“We will do our best to accelerate the construction project with the goal of creating a smart industrial complex that can optimize business management,” an official at Hanhwa Solutions stated.
Photo by: Hanhwa Solutions Website
