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.

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User comments : 3

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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.