Daegu-Gyeongbuk Free Economic Zone Authority executed a memorandum of understanding with Shinsegae Simon, Gyeongsan City Hall at the office of Gyeongsan City Hall on the 4th of September for investment for development of the Gyeongsan Premium Outlet to be constructed within the Gyeongsan Knowledge Industry District.
 
On the basis of the MOU, Gyeongsan premium outlet will be developed to host more than 200 renowned domestic and overseas brands for fashion and general merchandise goods on the site area of about 177,000m3 within Gyeongsan Knowledge Industry District at a total cost of more than KRW 120 billion.
 
The development of Gyeongsan Premium Outlet will be progressed with the grand opening targeted around the end of 2023. By this project, more than 2,000 jobs will be created with the anticipated effect to attract the domestic and overseas tourists into the region giving growth of regional economy around the vicinity areas.
 
The Commissioner Sam-Ryong Choi said, “I am very glad that the project was successfully attracted amidst the circumstances faced with the practical difficulties in attracting the foreign investment companies due to the COVID-19 pandemic and others,” and suggested the prospect, “Owing to this project, Gyeongsan Knowledge Industry District will be reborn as a lively free economic zone but not the industrial complex focused on factories.”