MSIT Approves Special Development Plan for Daejeon's Taprip and Jeonmin National Industrial Complex

2024-10-29

The Ministry of Science and ICT (MSIT) of South Korea has officially approved the special development plan for the Taprip and Jeonmin National Industrial Complex, a project initiated by Daejeon Metropolitan City.

Daejeon's Taprip and Jeonmin district is a project aimed at creating an 807,000 square meter national industrial complex with an investment of 545.2 billion won (KRW) (approx. 394.7 million dollars, USD) by Daejeon Urban Corporation. This project is urgently needed to secure land for commercializing research and development (R&D) outcomes within the Daedeok Innopolis and to create an environmentally friendly and self-sufficient special zone.

Moreover, as one of the "National Advanced Strategic Industries Bio Specialized Complexes" designated in June this year, the Taprip and Jeonmin district will receive government support, including support for industrial complex infrastructure, mandatory expedited permitting, preferential fees and burdens, tax credits, a maximum floor area ratio increase of 1.4 times, export market development, priority allocation of government R&D budgets, and special exemptions from pre-feasibility studies.

Daejeon City plans to commence construction in late 2025, after going through impact assessments, approval of the implementation plan (by Daejeon City), and land and property compensation. The district is expected to be sold in the first half of 2026 and the project completed in 2027.

Source: https://www.kpinews.kr/newsView/1065581656319527