Daegu-Gyeongbuk Free Economic Zone Authority

DGFEZ Signed MOU with Shinsegae Simon Inc for Gyeongsan Premium Outlet Project

2020-09-04 00:00:00

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▷ Shinsegae Simon Inc to invest approximately 120 billion won for a premium outlet project within the Gyeongsan Knowledge Industry District
▷ More than 2,000 jobs to be created directly/indirectly and boost the local economy

DGFEZ signed an investment MOU for the construction of the Gyeongsan Premium Outlet Project in Hayang-eup, Gyeongsan-si, which is included in the Gyeongsan Knowledge Industry District. The MOU was jointly signed by Shinsegae Simon Inc, DGFEZ, Gyeongsan intelligent Biz Development, and the City of Gyeongsan, at Gyeongsan City Hall, on September 14, 2020.

The signing ceremony was attended by Governor Cheol-woo Lee of Gyeongsangbuk-do Province, Mayor Yeongjo Choi of Gyeongsan, CEO Chang Hyun Cho of Shinsegae Simon Inc, Commissioner Sam Ryong Choi of DGFEZ, and CEO Sangryeol Kim of Gyeongsan intelligent Biz Development.

Shinsegae Simon Inc is a joint venture between Simon Property Group of the United States, which is an operator of world-class premium outlets, and Shinsegae Group of South Korea (an FDI company). With the MOU and investment of more than 120 billion won, they agreed to develop a premium outlet hosting more than 200 famous fashion and accessories brands of South Korea and other countries, over an area of 177,000 m2 within the Gyeongsan Knowledge Industry District.

This is the fifth investment of these companies, following their Yeoju, Paju, Busan, and Shiheung projects. With this investment, the proposed outlet is expected to be as big as what they built in Paju.

The plan is to open the outlet in Gyeongsan by end of 2023, and the project is expected to create more than 2,000 jobs while attracting tourists from the country and elsewhere. This is expected to have a spill-over effect on the economy of the surrounding cities, such as Gyeongsan, Yeongcheon, and Cheongdo, etc.

The Gyeongsan Knowledge Industry District is the largest free economic zone in Gyeongbuk. Development of the area started in 2012, with a total investment of 1 trillion won, over an area of 3,823 million m2 (1.16 mill. pyeong) covering Daehak-ri, Hayang-eup and Sowol-ri, Wachon-myeon, to include specialized industrial zones and R&D centers.

Commissioner Sam Ryong Choi of DGFEZ said, “We thought we hit a wall due to the limitations of regional free economic zones and the COVID pandemic as we tried to invite foreign investors into our zones. The signing of this agreement is a true success for all of us.” He added, “With this project, I hope the area will become a lively free economic zone that is not limited to manufacturing industries that are not attractive to outside visitors. DGFEZ will continue to work on creating jobs and invigorate the local economy by inviting more direct investors in the area.”

Since 2007, the Shinsegae Premium Outlets in Yeoju, Paju, Busan, and Shiheung attracted more than six to eight million visitors per year in each location. They are contributing to the growth of the local economy and job creation by holding job fairs, hiring local residents, and providing spaces to sell local produce and specialty products.

☞ To find more details
https://youtu.be/NceUDntZOQQ

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