SEOUL, Oct. 24 (Korea Bizwire) – LG Group is set to build a large-scale science park in the Magok Industrial Park in the southwest of Seoul by holding on October 23 a groundbreaking ceremony at the site.
In the ceremony, 500 or so dignitaries were in attendance including President Park Geun-hye, Minister of Trade, Industry and Energy Yoon Sang-jick, Seoul City Mayor Park Won-soon, Congressmen Hong Mun-jong, Kim Sung-tae, and Shin Gi-nam, Federation of Korean Industries chairman Huh Chang-soo, Gangseo District Chamber of Commerce president Sung Rak-young, and Gangseo District office head Noh Hyun-song.
In addition, top managers within LG Group took part in the ceremony including LG Group chairman Koo Bon-Moo, LG Management Development Institute vice chairman Kang Yoo-shik, LG Electronics vice chairman Koo Bon-joon, LG Uplus vice chairman Lee Sang-cheol, LG Household & Health Care vice chairman Cha Seok-yong, and LG Chem vice chairman Park Jin-soo.
LG Science Park to be established in Magok will be 170,000 square meters, in which 18 high-rise buildings will be set up in the total floor space of 1,110,000 square meters. In terms of floor space, it will be nine times bigger than the existing Seocho R&D Campus and twice bigger than the LG Twin Tower headquarters in Seoul’s Yoido.
Mr. Koo, the LG Group chairman, said in celebratory remarks, “In order for us to lead the market, we need to create value by combining different technologies and industrial areas in addition to developing novel technologies. That’s why we need to put scientists and technologists under one roof and let them work out innovative ideas. The science park in which we will invest up to 4 trillion won until 2020 will be the nation’s largest fusion tech R&D center in the areas of electronics, chemical, communications, energy, and biotech.”
Once the science park project is completed by 2020, it will have hosted a total of 25,000 research staff from affiliate companies such as LG Electronics, LG Display, LG Innotek, LG Household & Health Care, LG Life Sciences, LG Uplus, and LG CNS.
By Sean Chung (email@example.com)