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Gumi City offers semiconductor factory land for $2.45 per square meter
🇰🇷 South Korea /Technology

Gumi City offers semiconductor factory land for $2.45 per square meter

From Chosun Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • Gumi City in South Korea is offering land for semiconductor factories at an unprecedented low price of 1,000 won per pyeong (approximately $2.45 per square meter).
  • This initiative aims to attract semiconductor companies and boost the local economy, with the city's mayor highlighting the affordability compared to discount stores.
  • The move is part of a broader strategy to establish Gumi as a major hub for the semiconductor industry.

Gumi City in South Korea is making an extraordinary offer to semiconductor companies, pricing land for factory development at an astonishing 1,000 won per pyeong. This translates to roughly $2.45 per square meter, a price point the city's mayor, Kim Jang-ho, provocatively compared to discount retail giant Daiso.

The aggressive pricing strategy is designed to lure semiconductor businesses to the region, aiming to revitalize Gumi's economy. The city, historically an industrial powerhouse, is seeking to re-establish itself as a key player in the high-tech sector, particularly in the crucial field of semiconductor manufacturing.

Mayor Kim emphasized the unprecedented nature of the offer, stating it's even cheaper than goods found at Daiso, a popular chain known for its extremely low prices. This bold comparison underscores the city's determination to attract investment and overcome economic challenges. The initiative is a significant part of Gumi's broader plan to become a leading semiconductor hub.

It's cheaper than Daiso.

— Kim Jang-hoMayor of Gumi City, comparing the land price to that of a discount store.
DistantNews Editorial

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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