Press

Gunsan, which once led the Jeollabuk-do region's economy and financial industry, has been in decline following the closure of Hyundai Heavy Industries' shipyard in 2017 and GM Daewoo's factory closure the following year. As of February, the population stood at 272,229, down about 6,000 from 278,143 four years ago, with continued population outflow causing the city to lose vitality. Construction companies are delaying apartment construction schedules, and the entire city is struggling with low growth. To revitalize Gunsan, SK E&S, a leading domestic energy company, has rolled up its sleeves. With the collapse of the shipbuilding industry creating approximately 28,000 unemployed workers, the company plans to transform Gunsan into 'Korea's Malmö' by using Malmö, Sweden—which spectacularly revived through startup attraction and biotech industry activation—as a model. SK E&S announced on the 18th that it will launch the 'Localize Gunsan' project, working with social venture companies to create hub spaces and undertake urban regeneration projects in Gunsan, Jeollabuk-do. For this project, SK E&S has established an 'Incubating Office' in Yeonghwa-dong, Gunsan's representative old downtown area, to nurture social venture young entrepreneurs. SK E&S held a briefing session explaining the purpose of 'Localize Gunsan' in January, and last month conducted business explanation sessions and preliminary camps to select prospective social entrepreneurs. Support from local talents for this 'Gunsan revival' effort has continued. A total of 24 teams with around 70 members—including 11 teams in the 'incubating' process to discover new business items optimized for Gunsan, and 13 teams in the 'accelerating' process to develop existing business models—are expected to work at the incubating office. Over the next year, they will be responsible for tourism-linked businesses specialized in Gunsan, local specialty product branding, and media content development promoting Gunsan.