South Korean cosmetics maker Amorepacific‘s R&D Center in Yongin could be at the center of a new urban industrial complex if it receives a final approval, according to the company and Yongin City on Tuesday.

The cosmetics company is mulling plans to invest 32.9 billion won ($27.3 milllion) into the project, which will result in a 231,000-square-meter complex set to be completed by 2019.

Currently, Amorepacific is expanding its existing R&D Center in Giheung-gu to add more research facilities. 

Urban high-tech industrial complexes enjoy similar benefits to other industrial complexes such as tax reduction for tenant companies, but focus on high-tech industries that do not require large storage facilities or containers. They can also be located in city areas. 

The complex has been in the works since last year, and has been already approved by the city and provincial governments. The project is currently being considered by the Ministry of Land, Infrastructure and Transport, which will decide on a final designation.

“We have not finalized any plans yet with the city, but we are positively considering active participation in the creation of an industrial complex,” said a spokesperson for Amorepacific. “For now, we are waiting for the Transport Ministry to make a final decision on the designation.” 

By Won Ho-jung (hjwon@heraldcorp.com)