Table of Contents
- Naver Cloud's participation signals the launch of the Geoje Business Innovation Park
- A new model of business city development, ‘Geoje Business Innovation Park’
- Expansion of the digital and AI industry ecosystem through Naver Cloud's participation
- Vision for a complex innovative city combining tourism and residential infrastructure
- Linkage with the South Coast tourist belt and transportation infrastructure
- Gyeongnam Province accelerates transition to a South Coast tourism hub
- Summary of the location and progress schedule for Geoje Business Innovation Park
- Frequently Asked Questions (FAQ)
Naver Cloud's participation signals the launch of the Geoje Business Innovation Park
The ‘Geoje Business Innovation Park’, to be established in the Guyeong-ri area of Jangmok-myeon in Geoje City, has officially commenced with the participation of Naver Cloud. Gyeongsangnam-do announced on October 1 that it signed an investment commitment letter (LOC) with the private operator Grancruise. Through this, they promised cooperation in participation and equity investment.
This agreement lays the foundation for the Geoje Business Innovation Park to develop into a major innovative hub city on the South Coast that integrates tourism, digital technology, and industry. The participation of Naver Cloud, one of the major IT companies in Korea, is expected to enhance the project's credibility and positively impact the driving force for its promotion.
Additionally, it is expected to accelerate the creation of a smart tourist city centered on AI and cloud industries. Such changes will stimulate the local economy and promote the formation of a new industrial ecosystem.
A new model of business city development, ‘Geoje Business Innovation Park’
The ‘Business Innovation Park Project’ is an advanced model of the business city development project that has been conducted by the Ministry of Land, Infrastructure and Transport since 2004. The aim of this project is to create a self-sufficient city where various functions such as industry, tourism, housing, and education are combined, centered around businesses.
Geoje City has partnered with the Grancruise consortium and was selected in March 2024 for the Ministry of Land's leading project competition. Currently, administrative procedures are actively underway, aiming for approval of the integrated development plan by the Ministry of Land by 2026.
The location of this project is in the Guyeong-ri area of Jangmok-myeon, Geoje City, and it is planned to be developed into a complex facility that integrates tourism, digital technology, art, education, and residential functions in connection with the South Coast tourist belt in the future. This development is expected to have a positive impact on the local economy.
Expansion of the digital and AI industry ecosystem through Naver Cloud's participation
Recently, with the confirmation of Naver Cloud's equity investment and participation, the Geoje Business Innovation Park has reached a new turning point. Through this collaboration, it presents a new model of a 'digital innovation city and tourism complex' by integrating AI and cloud infrastructure with the tourism industry of the South Coast.
Such changes provide an opportunity for Geoje to evolve from a traditional industry structure centered on shipbuilding and manufacturing to a hub for high-value-added digital industries such as AI, data centers, smart tourism, and content industries.
A Gyeongnam official mentioned that Naver Cloud's participation is expected to induce additional entry of various IT companies and further accelerate private investment attraction, positively impacting the expansion of residential infrastructure and job creation within the region. This outlook is expected to be an important catalyst for the sustainable development of Geoje.
Vision for a complex innovative city combining tourism and residential infrastructure
The Geoje Business Innovation Park is not just an industrial complex. It is planned to be developed into a 'complex innovative city where work, rest, and experience converge'.
It will include various experiential programs such as AI-based tourism content, marine leisure facilities, and flower therapy, positioning itself as a new city model integrating jobs, housing, culture, and education.
Moreover, as the residential population increases and living infrastructure is expanded, Geoje is expected to develop as a new growth hub city in the southern region.
Linkage with the South Coast tourist belt and transportation infrastructure
The Geoje Business Innovation Park has recently been included in the national roadway network plan, linking it to the South Coast island connecting maritime national road, Gadukdo New Airport, Southern Inland Railroad (KTX), and the Geoje-Tongyeong Expressway. This significantly improves accessibility to the metropolitan area.
The travel time from Seoul to Geoje is expected to be reduced to about 2 hours, which is anticipated to positively impact investment attraction and increase tourism demand. Such changes will play a crucial role in the development of the Geoje region.
Gyeongnam Province accelerates transition to a South Coast tourism hub
Gyeongnam Province is attempting to shift from a manufacturing-centered economy to a tourism and digital convergence economy through large-scale private investment projects in the South Coast region.
In particular, the Geoje Business Innovation Park and the Tongyeong Complex Marine Leisure and Tourism City Project form significant pillars, and various strategies are being implemented for this purpose.
Efforts are being made to increase private investment attraction, improve accessibility, and enhance regulatory and financial support. This investment commitment for the Geoje Business Innovation Park signals the start of these changes and is expected to play a vital role in establishing a super-regional economic zone connecting Gyeongnam, Busan, and Jeonnam.
Summary of the location and progress schedule for Geoje Business Innovation Park
This project, located in the Guyeong-ri area of Jangmok-myeon, Geoje City, is a privately funded business innovation park led by the Grancruise consortium.
It aims to establish itself as an innovative hub integrating tourism, digital technology, industry, art, and education.
Private investors, including Naver Cloud, are participating, and the goal is to receive approval for the integrated development plan from the Ministry of Land by 2026.
The project is progressing with an aim for completion by 2030.
This agreement will enable Geoje to grow into a major tourism and industrial hub of the South Coast. Gyeongnam Province will provide ample administrative and financial support to ensure the smooth progress of this project in cooperation with Geoje City.
#GeojeBusinessInnovationPark, #GeojeBusinessCity, #NaverCloud, #InvestmentCommitmentLetter, #LOCSigning, #GeojeCity, #Gyeongsangnam-do, #Grancruise, #BusinessInnovationPark, #DigitalInnovationHub, #TourismIndustry, #AIIndustry, #SouthCoastTouristBelt, #SouthCoastEconomicZone, #GeojeJangmokMyeon, #GyeongnamInvestmentAttraction, #SmartCity, #SouthernInlandRailroad, #GadukdoNewAirport, #GeojeTongyeongExpressway, #DigitalPlatform, #TourismDigitalConvergence, #SouthCoastDevelopment, #BusinessCityDevelopmentProject, #GyeongnamAdministrationNews, #FutureCity, #InnovationHubCity, #SouthCoastTouristCity, #AICluster, #GyeongnamEconomy
Frequently Asked Questions (FAQ)
Q. What is the significance of Naver Cloud's participation in the Geoje Business Innovation Park?
Naver Cloud's participation accelerates the expansion of the digital and AI industry ecosystem and the creation of a smart tourist city.
With Naver Cloud's participation in the Geoje Business Innovation Park, the project's credibility and momentum for promotion have been strengthened. Naver Cloud can provide the technology centered on AI and cloud industries, facilitating the creation of a smart tourist city that integrates with the tourism industry of the South Coast. Gyeongnam Province expects this will revitalize the local economy and foster a new industrial ecosystem.
Q. What kind of business model is the Geoje Business Innovation Park?
A self-sufficient city development model that integrates industry, tourism, housing, and education centered around businesses.
The ‘Business Innovation Park Project’ is an advanced business city development model promoted by the Ministry of Land, Infrastructure and Transport, aimed at creating a self-sufficient city where various functions are combined under business leadership. Geoje City has been selected for the Ministry of Land’s leading project competition and is currently proceeding with administrative procedures aiming for approval of the integrated development plan by 2026, planning to develop into a complex facility that integrates industry, tourism, education, and residential functions.
Q. What are the expected effects of the Geoje Business Innovation Park on the region?
Revitalization of the local economy, job creation, and opportunities for growth into a digital industry hub are expected.
The Geoje Business Innovation Park provides an opportunity to transform from the traditional structure centered on shipbuilding and manufacturing to a hub for high-value-added digital industries such as AI, data centers, smart tourism, and content industries. With Naver Cloud's participation, private investment attraction is expected to increase, positively impacting the expansion of residential infrastructure and job creation, thereby becoming a catalyst for sustainable development.
Q. What are the main details and vision of the Geoje Business Innovation Park development?
A complex innovative city where work, rest, and experience are integrated, with tourism, culture, and education converging.
The Geoje Innovation Park will be developed into a complex facility that includes experiential programs such as AI-based tourism content, marine leisure, and flower therapy. It aims to become a new city model that integrates jobs, housing, culture, and education, contributing to the increase in the residential population and expansion of living infrastructure, and strives to become a growth hub city in the southern region.
Q. What is the current status of transportation and tourism infrastructure linkage for the Geoje Business Innovation Park?
It has significantly improved accessibility by linking to the South Coast tourist belt and expressways, KTX, and Gadukdo New Airport.
The Business Innovation Park is included in the national road network plan and is linked to the South Coast Island connecting maritime national road, Gadukdo New Airport, Southern Inland Railroad (KTX), and the Geoje-Tongyeong Expressway. This is expected to reduce travel time from Seoul to Geoje to approximately 2 hours, thereby increasing tourism and investment demand and playing a significant role in the development of the Geoje region.
