A massive agriculture complex will be developed in Pocheon, Gyeonggi Province as part of a joint project between Korean and Chinese industry players, the Korea-China Private Economic Association announced Sunday.

The agriculture complex, which would sit on a 250,000-square-meter parcel of land, has been designed as an eco-friendly town comprising smart farms, hydrogen fuel cell generators, logistics systems and housing with leisure facilities.

The private companies from two countries would invest a total of 80 billion won ($70.8 million) in the project that the Korea-China Private Economic Association and local real estate firm Mega Time Holdings-Mega Farm Village initiated in 2019.

The complex in Pocheon is the first collaborative agriculture project between the South Korean and Chinese governments and private firms, according to the association.

From South Korea, Doosan Fuel Cell, CJ OliveNetworks and Shinhan Bank will join the project. The three companies signed a memorandum of understanding during a ceremony held Saturday to invest in the development of the agriculture complex.

Doosan Fuel Cell would offer the company’s hydrogen technologies that can be used in smart farms, housing and other facilities in the complex. CJ OliveNetworks will utilize its information and communication technologies to provide solutions that use artificial intelligence, big data analytics and Internet of Things features. Shinhan Bank would be in charge of the project’s financial affairs.

Chinese agriculture companies and investment firms will be joining the project and exchange technologies with the South Korean firms, the association said.

The project is expected to create some 2,000 new jobs, according to Mega Time Holdings-Mega Farm Village.

By Shim Woo-hyun(ws@heraldcorp.com)