Gyeonggi-do designated and approved 500 thousand pyeong area of Wollong-myeon, Paju-si as Paju LCD Industrial Complex to invite LG.Philips LCD Co. to set up its TFT-LCD plant on July 31 and plans to publicize it on August 4 (Mon.). The designation of the industrial complex is the first since the promotion of the operation and through legal procedures, following proceedings such as estate compensation, evaluation of various influences, approval of enforcement plan and so on will be performed and a foothold for the actual propulsion for the project will be then prepared.

The designation of the industrial complex has solved the apprehensions of a pile of problems such as military deliberation, revision of the industrial disposition law enforcement ordinance, environmental influence evaluations and other matters during the time when LG.Philips LCD Co. concluded an investment agreement memorandum on February 4 and moved the designation date from October up to August of this year.

After applying for the designation on May 29, Paju LCD Industrial Complex was designated and approved in just 2 months. There is a significant meaning to the foreign direct investment in many aspects. Generally, designation procedures for industrial complexes take about 2 years or more but the Paju LCD Industrial Complex is the first in Korea to be settled within 6 months. The size of the project is about 30 years worth of production enticement in Gyeonggi-do, and is expected to be a model for future large-scale FDI inductions.