RECOMMENDED FOR YOU:X
Samsung to Invest $7 Billion in South Korean Eco-Town
Electronics company Samsung has made a $7.04 billion commitment to the government to construct a massive eco-friendly production facility in South Korea. The reclaimed wetland area of Saemangeum has been awarded to Samsung by the South Korean Government for the development of the facility. The green town will boast a wind-power generator, solar battery house, research headquarters and 20,000 employee homes.
Last year, Samsung announced that it would invest 23 trillion Korean Won (just over $21 million USD) over the course of the next 10 years toward social programs like healthcare as well as green energy. The new eco-production facility is just a fraction of the plan.
The South Korean Government has big plans for the Saemangeum wetland area, hoping to turn it into a self sustaining green destination. The green town will feature eco-friendly industrial complexes, tourism and agricultural facilities. Samsung will also help outfit it with science and research facilities.
The wetland area was reclaimed back in 2006, with the building of a sea dike to dry the area out. Aside from Samsung, the area has attracted another industry leader, OCI, which produces polysilicon for solar panel cell usage. OCI has pledged a 10 trillion won (just over $9 million) investment over the course of the next 9 years.
The government supported 125 mile wetland area should be transformed into the proposed green town by 2021.
Images Wikimedia Commons
Browse by Keyword