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Infrastructure and Economic Environment
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Securing a highly skilled workforce is the key to success for the companies competing in today’s knowledge-based industrial society. Not only the 30,000 graduates from 39 universities and colleges but also the graduates of science & technology centers, including 123 cooperative research institutes and 226 university organizations, fully utilize the potential of having companies doing business in this local area.
Two technology parks, four regional research centers, three technology innovation centers, and 28 venture business incubator centers are the core components for supporting technology transfer, product development, and market expansion. The province is fostering advanced-technology industries such as the IT, automobile parts, electronics, and machinery industries with world-renowned companies.
Nakdong River, the longest river in Korea, runs through the province, allowing 2,190,000 tons of water to be stored in six industrial and agricultural dams. Gyeongsangbukdo produces 61,869,804 Mwh per year from eight nuclear power stations and two hydropower plants. Its electricity prices are lower than in any other region in the world, according to a KPMG survey.
The aggregation of mobile communications and Internet services has made South Korea a “jewel” for the IT industry. Gyeongsangbuk-do is often credited for being technologically advanced and for having price-competitive telecommunication systems and networks. More than 60% of the population subscribe to Internet services.
Economic Strengths and Opportunities
Gyeongsangbuk-do is one of the most dynamic regions in South Korea. Its economic and export growth rates are the highest among the country’s local governments. The National Assembly ranked us at the top of the 16 local governments in terms of future industry growth potential. Our machinery, metals, and electronics industries registered double-digit increases recently. Our GRDP recorded US$58 billion, which is the fourth highest in the nation. Gyeongsangbuk-do is nurturing six national industrial complexes, 26 local industrial complexes, and 53 regional industrial complexes. Beside its industrial capacities, the area has huge potential with the consumer market. The structure of the industries is healthy, and each industry is large enough to hold the diversity of the economy.
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