Hyundai Motor Group decided to help the activation of economy of Gwangju region in collaboration with Gwangju government, with an ultimate intention of boosting the nation’s overall auto industry facing difficulty caused by the yen’s slide.
The largest auto maker in Korea will provide full support for the auto industry valley project pushed ahead by Gwangjoo provincial government under the slogan of ‘regional development through auto manufacturing industry’s renaissance.’ As a move, they will jointly open creative economy innovation center this month and lay the groundwork for supporting promising component/venture start-ups within the region and promoting research and development (R&D) efforts for green cars. .
The first creative economy innovation center was jointly established by Samsung Group and Daegu provincial government and the second one by SK Group and Daejeon provincial government. The latest of the creative economy innovation center will mark the third.
The auto industry valley will be created on 3.6 square meters site and receive a total of 834.7billion won($763million) investment between 2015 and 2020. It aims at building the auto manufacturing city capable of producing one million units, inducing auto/auto component makers, improving auto productivity and setting up logistics system. The valley is expected to create 1.7 trillion won productivity and 11,300jobs.
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