South Korea to Build 'Corporate-Type Advanced Cities' to Attract Population

South Korea's government is shifting its industrial development strategy from solely attracting businesses to creating comprehensive "corporate-type advanced cities." This new approach aims to draw in residents, particularly young and skilled professionals, by integrating housing, education, culture, and research facilities.

The government announced the plan as part of its "3 Major Mega-Projects" initiative, aiming to foster population dispersal and balanced regional development. Traditional industrial parks often focused on production, leading to a concentration of talent in the Seoul metropolitan area due to better infrastructure and living conditions. The new cities are envisioned as complex towns that combine production bases with residential and cultural amenities.

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We will create corporate-type advanced cities where companies want them, in the way companies want them.

Minister of Land, Infrastructure, and Transport Kim Hyun-mee emphasized a business-centric approach, stating, "We will create corporate-type advanced cities where companies want them, in the way companies want them." This includes deregulation and allowing companies direct participation in industrial park development. The model draws inspiration from places like Silicon Valley.

The government also plans to improve transportation networks, ensuring travel within 30 minutes to residential areas and within an hour to logistics hubs like airports and ports. To accelerate development, a fast-track system combining permitting, compensation, and design will be implemented to significantly shorten industrial park creation times. "The success of corporate investment ultimately depends on timing," Kim stated, highlighting the commitment to reducing development periods.

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The success of corporate investment ultimately depends on timing.