Resumption of Construction for Galsa Bay Industrial Complex, a Long-Awaited Dream in Hadong, Takes Shape After 10 Years

Changwon District Court Bankruptcy Division Trustee - DreamWorks Inhadong Co., Preferred Negotiator Agreement

For over a decade, the long-pending Galmaesaman Industrial Complex project in Hadong is expected to resume shortly.

DreamWorks Inhadong Co., (CEO Kang Hoon-dong), who has prepared for the project, signed a pre-contract on the 26th to transfer the project's implementation rights.

This contract was authorized by the Changwon District Court's 1st Bankruptcy Division (Chief Judge Kim Ki-pung) following the complex's bankruptcy and carried out under the agreement between the trustee (Attorney Kim Bong-kyun) and DreamWorks Inhadong Co. The "Preferred Negotiation Target Designation Agreement" secures the project rights for DreamWorks Inhadong Co., legally confirming their qualification to commence the project.

CEO Kang Hoon-dong stated, "This contract acknowledges our years of research and project preparation at Galmaesaman." He affirmed, "We will strive for the success of the complex as we have so far."

To this end, DreamWorks Inhadong Co. has secured funds for land acquisition, fishing compensation, and design modifications. They plan to establish a PFV by April to proceed with the project, fulfilling legal requirements set by the Special Act on Designation and Management of Free Economic Zones.

According to the company, the industrial complex, spanning approximately 1,400 Acres, will focus on eco-friendly green energy, with industrial sectors such as LNG container manufacturing and offshore wind power specialization.

Additionally, by integrating intermediary trade ideas like importing used cars from the U.S. and connecting to third countries, the company aims to create a major logistics and manufacturing complex, boosting regional population and job creation.

CEO Kang Hoon-dong indicated confidence by disclosing they have been operating a dedicated project team to ensure the project's success, and that results are now within reach.

Furthermore, efforts to attract investment in the Galmaesaman Industrial Complex have led to arranging visits from some heads of state from the Middle East and Southeast Asia by year’s end, drawing attention to the project's progress.

When asked about future challenges, CEO Kang stated, "With this contract, Hadong residents' long-anticipated Galmaesaman Industrial Complex will resume promptly and complete before the Ministry of Trade, Industry, and Energy's extended deadline in 2028, transforming Hadong into a vibrant area with job creation and approximately 30,000 new residents, boosting local taxes and shifting from a depopulation risk area to a growth region." He added, "We will closely coordinate administrative tasks with Hadong County and the Gwangyang Bay Area Free Economic Zone Authority."

Meanwhile, the Hadong Galmaesaman Industrial Complex began as a key part of Hadong's economic development and population influx plans, as well as the Gwangyang Bay Area Free Economic Zone establishment. However, unlike the successful Gwangyang zone, Hadong's Galmaesaman Shipbuilding Industrial Complex faced financial and legal issues, halting construction in 2014 and resulting in the project's abandonment with its developer's bankruptcy in 2018.

The news of the potential resumption of construction due to this contract is drawing interest, and it is hoped that the project will proceed smoothly and successfully as the company plans.