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Samsung to Invest $7 Billion in South Korean Eco-Town
Posted By Lori Zimmer On April 28, 2011 @ 1:40 pm In global development,Renewable Energy,Solar Power | No Comments
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
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URL to article: http://inhabitat.com/samsung-to-invest-7-billion-in-south-korean-eco-town/
URLs in this post:
 Image: http://inhabitat.com/samsung-to-invest-7-billion-in-south-korean-eco-town/saemangeum-aerial-view/
 Samsung: http://inhabitat.com/samsung-unveils-new-ecofriendly-replenish-and-restore-smart-phones/
 Korea: http://inhabitat.com/un-studios-korean-mall-kinetic-translucent-skin/
 Image: http://inhabitat.com/samsung-to-invest-7-billion-in-south-korean-eco-town/saemangeum_seawall/
 Samsung: http://www.samsung.com/us/
 green destination: http://inhabitat.com/microsoft-jumps-on-board-portugals-mega-smart-city-plan/
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