Naver Cloud has confirmed its participation in the 'Corporate Innovation Park' development project being promoted in Jangmok-myeon, Geoje-si, Gyeongnam. The participation of an anchor company is expected to not only act as a driving force for attracting various AI-related companies but also aid in the integration of core facilities of digital platforms such as tourism in the southern coast and AI infrastructure.

According to Gyeongnam Province and Geoje City on the 15th, Naver Cloud signed a letter of commitment (LOC) for equity investment with the Geoje Corporate Innovation Park private operator, Grancruise Innovation Park Consortium, on the 1st of this month, confirming its participation in the project.

The Corporate Innovation Park is a project promoted with 100% private capital. Based on the 'Special Act on Corporate City Development,' the core is to create a corporate city with self-sufficient functions such as industry, tourism, housing, and education by linking government-wide support to spaces developed under corporate leadership. Geoje City participated as a joint proposer with Grancruise in the Ministry of Land, Infrastructure and Transport's leading project competition in March last year and was selected as the first target site. The goal is to create a corporate city centered on three major industries: medical and bio, information and communication technology, and culture and arts, on a 1.71 million m² site in Guyeong-ri and Songjinpo-ri, Jangmok-myeon, adjacent to Gaduk New Airport and Busan-Jinhae New Port. Approximately KRW 1.5 trillion is planned to be invested in this project.

However, the project faced difficulties due to the absence of an anchor company that would serve as the focal point for the large-scale project. In response, Geoje Mayor Byun Kwang-yong visited Naver Cloud in May to discuss investment attraction and mutual cooperation plans. Mayor Byun also promised exceptional investment incentives and administrative support, including regulatory exemptions and tax benefits, to secure participation.

Gyeongnam Province and Geoje City expect that the participation of Naver Cloud will accelerate the attraction of investment companies to the Geoje Corporate Innovation Park. A Gyeongnam Province official stated, "This has laid the foundation for Geoje to advance beyond a shipbuilding and manufacturing hub to a center of tourism and digital innovation industries," and added, "With anchor companies in various fields such as AI investing and moving in, a new hub city in the southern region is expected to be created."

Gyeongnam Province plans to focus on fostering the tourism industry, a future-oriented strategic industry, centered around major private investment projects on the southern coast, including the Geoje Corporate Innovation Park and the Tongyeong Complex Marine Leisure Tourism City. Kim Sang-won, Director of Tourism Development at Gyeongnam Province, stated, "We will do our best to ensure the successful promotion of the project together with Geoje City."

Geoje City plans to concentrate all efforts on administrative support for the smooth promotion of corporate investment. The city intends to apply for an integrated development plan to the Ministry of Land, Infrastructure and Transport around December when participating companies and land use plans are finalized. Mayor Byun Kwang-yong stated, "The decision of a leading domestic AI company to invest is not only a signal for the creation of an 'AI City' but also significant in that Geoje City has presented a new milestone for national balanced development."

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