Participants in the groundbreaking ceremony of the Pangyo Creative Economy Valley celebrate the commencement of construction on Dec. 23, in Seongnam-si City, Gyeonggi-do Province.
Construction of the “Pangyo Creative Economy Valley,” a new community for startups and high-tech firms, began on Dec. 23. About 1,600 firms in high-tech industries will eventually move to the new city, accounting for some 100,000 employees.
About 500 people attended the groundbreaking ceremony for the construction project, which took place in Seongnam-si City in Gyeonggi-do Province. Ceremony participants included Prime Minister Hwang Kyo-ahn, Minister of Science, ICT and Future Planning Choi Yanghee and Minister of Culture, Sports and Tourism Kim Jongdeok.
Prime Minister Hwang Kyo-ahn delivers his congratulatory remarks during the groundbreaking ceremony for the Pangyo Creative Economy Valley.
During his remarks, Prime Minister Hwang said, “Pangyo is becoming the heart of Korea’s high-tech industry, as many IT firms and research institutions have moved here over the past few years.”
“When this ‘creative economy valley’ is finished, together with the existing Pangyo Techno Valley they will become one of the world’s leading high-tech clusters, where 100,000 workers will work in about 1,600 high-tech enterprises,” said the prime minister.
In the first half of 2016, the government will provide sites for private companies, including venture startups and construction firms. The government will also invite public participation as it selects the construction company that will build the “I-Square,” a multi-functional area for conferences, business, commercial activities and cultural facilities.
In the second half of next year, the government will provide so-called “venture campus” sites for startups, and “innovation towns” for companies and research institutes that hold specific technologies and patents.
By August 2017, 14 government organizations will move to the 430,000-square-meter site during the first phase of construction. These organizations will provide support for startups, innovative technologies, the arts and for other creative industries in the area.
Finally, the newly constructed “valley” will offer special support to about 200 startups, helping them to move in early. By October 2017, a corporate growth support center will be built so that 300 firms will be able to move in. These firms will receive about a 20 or 30 percent discount on their rent off of standard market prices.
By Yoon Sojung
Korea.net Staff Writer
Photos: Prime Minister’s Office
arete@korea.kr
