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"When I started driving in Icheon 30 years ago, there were only driver's restaurants and gas stations in front of SK Hynix. It's full of apartments and shops now. There are seven to eight new officetels."

When asked how much the economy has improved with SK Hynix, Hong Soon-don, 62, the chairman of the Icheon Police Society, started operating a taxi in Icheon, Gyeonggi Province in 1989, and witnessed the change of Icheon himself. Although it is now a symbolic company that represents Icheon, the Icheon regional economy has gone back and forth to heaven and earth due to the rise of SK Hynix. The "Hyundai Asset Industry," the predecessor of SK Hynix, was driven to the brink of bankruptcy in 2000 and changed its owner several times until 2011 when it was acquired by SK Group, was like a lost decade for Icheon residents. During this period, shops around the factory closed down, with the vacancy rate of around 50 percent in downtown Icheon at one time.

The economy of Icheon, Gyeonggi Province, which was visiting on Wednesday, was once again on the rise. Seven Tawrane vehicles were busy on the road where the barricades were located as they entered SK Hynix's main gate in Bubal-eup, Icheon, Gyeonggi Province. This is the site of 'M16' that SK Hynix is investing total of 20 trillion won to finish construction in October 2020. This is a huge investment that was made after 'M14', a next-generation DRAM production line that SK Hynix invested total of 15 trillion won in 2015. SK Group's major executives, including SK Group Chairman Chey Tae-won and SK Group Chairman Cho Dae-sik, will attend the groundbreaking ceremony for M16 plant on the 19th. 

● "M16" is the most vibrant city in the economy. 


SK Hynix M16 Construction Status
When construction begins in earnest from the first half of next year, up to 20,000 people will be sent to the construction site every day. In the case of M14, 160 companies were mobilized for construction work. SK Hynix expects 2,000 to 3,000 employees to work at M16 after completion in October 2020. "Because there are more than 2,100 employees working at M16 and there are more research and development staff for M16, indirect employment will be even greater." said Director Kim Hyung-joo of Icheon CPR team at SK Hynix. 

Thanks to the M16 plant, the newly introduced population is revitalizing the Icheon commercial district as well. During the 10-minute trip from Icheon City Hall to the main gate of SK Hynix, three new officetels were spotted in the city. 

In fact, 13 officetels have been built in Icheon since July 2014 when SK Hynix started construction of M14. Five of them are located in Bubal-eup, where SK Hynix is located. "There were very few buildings in Icheon before 2010 that could be called officetels." said a real estate official. 

When I went to the back door where there was a lodging for employees of SK Hynix, there were many stores with four to five stories high. Most of them were restaurants, cafes, and supermarkets that sell to employees of SK Hynix. "With the decline of Hynix's life in 2001, almost all three people left their buildings empty," said Ryu Yeon-sik, who has been running a restaurant here since 1997. However, things have changed 180 degrees since 2014. In the morning, all nearby restaurants will be packed with construction workers and SK Hynix employees who have lunch and dinner. There are even restaurants that operate shuttle in time for lunch and dinner. 

● Maximum local tax in history...Local governments also responded with full support

SK Hynix's local tax to Icheon has also increased greatly due to unit investments that started in 2014. Although he did not pay his local taxes until 2014, he paid 53 billion won (54.6 million dollars) in 2015, and 190.3 billion won (19.3 billion dollars) until last month. Because it is expected that SK Hynix will make its best performance this year, it is also predicted that local taxes that SK Hynix will pay to Icheon next year will also hit an all-time high. When SK Hynix first paid local taxes, its fiscal self-regulation increased from 47.9 percent in 2015 to 52.9 percent this year. 

Thanks to this, Icheon City will be able to invest in projects that could not be pursued due to lack of budget. Icheon's main budget for next year is 1.18 trillion won, up 21.7 percent from this year. This is the first time that the Icheon City main budget has exceeded 1 trillion won. "We are pushing ahead with projects that have been designated 사설토토사이트 as urban roads but have yet to start construction," said Jeong Myeong-kyo, director of the Icheon Industrial Environment Bureau. "The transportation infrastructure in areas where residents complained about inconvenience due to lack of roads is improving thanks to the financial support of SK Hynix." 

Lee Chun-do is also responding to SK Hynix with active administrative support. In March last year, Icheon City set up a task force team and focuses on quickly solving various administrative problems such as environment, transportation, water, electricity, and others. "As the Icheon economy is growing fast due to continuous large-scale investment by SK Hynix, it is approaching as win-win's strategy." said Director Jung.
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