According to Yonhap News,
Construction of a high-tech new material complex in Boseong county, South Jeolla province has begun with a ground-breaking ceremony on February 5, which was attended by South Jeolla Governor Park Jun-young, Boseong County Governor Jeong Jong-hae, and over 500 residents in the province.

At the ceremony, Governor Jeong said, “The magnesium auto parts industrial complex to be established within Joseong agro-industrial complex will position itself as the center of futuristic automobile industry, by making lighter and smaller cars.”

The provincial government will invest KRW 10.2 billion to build the Joseong agro-industrial complex in a 145,764㎡ site in Joseong-ri, Joseong-myeon. In particular, it will provide 67 percent of the total space for factory sites (96,693㎡) and establish an environment-friendly complex in the rest of the area. In addition, it will break ground to set up a research center for magnesium auto parts processing in March and complete the construction in November.

The Boseong county government expects that the Joseong agro-industrial complex project would contribute to local economic development by creating over 30 magnesium parts companies by 2015, which would create over 3,000 jobs and generate KRW 500 billion in production output.

A Boseong county government official said, “Joseong agro-industrial complex will also attract agricultural product processing business, and food and manufacturing businesses. We will develop a model of the ‘green agro-industrial complex’ that combines high-tech industries and food processing industry.”

Source: Yonhap News (February 5, 2010)

** This is an English translation of a Korean news article.