Samsung to invest $7.04 bn in wetland green town

Apr 27, 2011
This bird eye view taken in 2010 shows the 33.9 kilometer Saemangeum seawall in Gunsan, some 200 kilometers south of Seoul. South Korea's largest business group Samsung signed an initial deal Wednesday to invest $7.04 billion in a state project to build a green energy complex on reclaimed wetland.

South Korea's largest business group Samsung signed an initial deal Wednesday to invest $7.04 billion in a state project to build a green energy complex on reclaimed wetland.

Samsung signed a memorandum of understanding with the government to spend 7.6 trillion won ($7.04 billion) on the construction of eco-friendly production facilities from 2021, the prime minister's office said.

The government will provide full administrative support plus a plot at the reclaimed Saemangeum wetland area on the west coast, about 200 kilometres (125 miles) south of Seoul.

Samsung said its green-energy development would have a wind-power generator, a production base for solar batteries, a research institute and houses for about 20,000 workers.

It said the investment was in line with its announcement last year to spend about 23 trillion won on new growth engines such as health care and over the coming decade.

Samsung's investment is expected to speed up the massive government project to turn the reclaimed area into an eco-friendly town with industrial, tourism and agricultural facilities as well as science and research institutes.

The reclamation included the building of a 33.9 kilometre (20 mile) sea dike, which was completed in 2006.

Last August OCI, South Korea's leading maker of used in solar panel cells, announced a plan to invest some 10 trillion won in the area by 2020.

Explore further: Intel wireless charging in a bowl coming sooner than later

add to favorites email to friend print save as pdf

Related Stories

S.Korea's OCI announces solar panel expansion plan

Dec 08, 2010

OCI, South Korea's leading manufacturer of polysilicon used in solar panel cells, Wednesday announced plans to spend 1.88 trillion won (1.65 billion dollars) over the next two years to expand output.

S.Korea completes world's longest seawall

Apr 27, 2010

South Korea formally marked completion of the world's longest seawall on Tuesday, the first step in a massive project aimed at reclaiming the ocean for industry, tourism and agriculture by 2020.

Samsung's 4.2 bln dlrs 'green' initiative

Jul 20, 2009

South Korea's Samsung Electronics Monday announced a 4.29 billion dollar plan to develop eco-friendly products and cut emissions from its manufacturing plants by 2013.

Samsung to triple capital, R&D spending this year

May 17, 2010

(AP) -- Samsung Electronics said Monday it will more than triple investment in capital spending and research and development this year to a record 26 trillion won ($22.7 billion), betting on future growth despite questions ...

Samsung outlines $20.6 billion investment plan

May 11, 2010

(AP) -- Samsung said Tuesday it plans to invest 23.3 trillion won ($20.6 billion) over the next decade in technologies including solar cells and medical devices, aiming to boost sales and increase its work force by tens ...

Recommended for you

Team improves solar-cell efficiency

Sep 19, 2014

New light has been shed on solar power generation using devices made with polymers, thanks to a collaboration between scientists in the University of Chicago's chemistry department, the Institute for Molecular ...

Calif. teachers fund to boost clean energy bets

Sep 19, 2014

The California State Teachers' Retirement System says it plans to increase its investments in clean energy and technology to $3.7 billion, from $1.4 billion, over the next five years.

Idealistic Norwegian sun trappers

Sep 19, 2014

The typical Norwegian owner of a solar heating system is a resourceful man in his mid-fifties. He is technically skilled, interested in energy systems, and wants to save money and protect the environment.

User comments : 3

Adjust slider to filter visible comments by rank

Display comments: newest first

rgwalther
not rated yet Apr 27, 2011
I apologize in advance for really old attempt at humor.
I hope this project won't put a hole in won.
kaasinees
3 / 5 (2) Apr 27, 2011
I want to apply for a job :)
loboy
5 / 5 (1) Apr 28, 2011
If Samsung really cared about the wetland, they would let it be a wetland and not put 20,000 people on top of it and not install any industrial, tourism and agricultural facilities. If they wanted to be green, they should purchase the land and let it grow wild.