The Ministry of Education, Science and Technology has announced that the Daedeok district in the northern part of Daejeon will serve as the site of the new science business belt.

The decision was made in a meeting of the ministry’s science business belt selection committee on Monday morning.

The Daedeok district received high marks due to its existing research structure and will now also house the National Basic Science Institute and a particle accelerator.

About half of the 50 research agencies under the National Basic Science Institute are to be housed at the Daedeok science belt while the other half will go to Gwangju, Daegu and other regions in North Gyeongsang Province.

The nearby regions of Cheongwon of North Chungcheong Province and Cheonan of South Chungcheong Province have been designated as sites to host financial, educational and research organizations for the science belt.

The seven-year science belt project will cost more than five trillion won.