InnoBiz Association Approves 'New Headquarters Promotion Plan'
Hub for Technical Exchange Between Member Companies and Overseas Buyers
Reviewing Establishment of '(Tentative Name) InnoBiz Park'
[Asia Economy Reporter Kim Daeseop] A new facility tentatively named 'InnoBiz Park' will be established to support the growth of technology-innovative small and medium-sized enterprises (SMEs). It is expected to become a global technology exchange hub equipped with offices for members of the InnoBiz Association and overseas buyers, as well as lounges and other convenience facilities.
According to the Korea Technology Innovation Association for SMEs (InnoBiz Association) on the 16th, the board of directors held a meeting yesterday afternoon at the association's office in Pangyo, Gyeonggi Province, and approved the 'Seoul Magok New Headquarters Promotion Plan' containing these details. Previously, the Lotte Construction consortium, in which the InnoBiz Association participates as a strategic investor, signed a business agreement last December with the Seoul Housing and Communities Corporation for the 'Magok MICE Complex District Special Planning Zone Construction Project.'
InnoBiz Park will feature a building of more than 10 floors, which the InnoBiz Association plans to use as its new headquarters. The association is considering using some floors as offices and offering others for sale or lease to member companies. The Foundation for Cooperation between Large and Small Enterprises is also known to be setting up an office within this building.
The InnoBiz Association currently occupies one floor in the Pangyo Inno Valley building, which it purchased. Since its establishment in 2002, the association used rented offices in the Gangnam area of Seoul before moving to the current Pangyo Inno Valley office in July 2011, after 10 years. Through this project, the association will relocate to a new headquarters for the first time in over a decade. The association plans to move into the new headquarters around December 2024.
An association official said, "We expect the status of the association to be further elevated through the establishment of InnoBiz Park and the new headquarters," adding, "Detailed plans will be decided after further discussions with related organizations."
The relocation of the new headquarters holds great significance for the InnoBiz industry. The new headquarters and InnoBiz Park will be created to match the status of the association representing InnoBiz companies, which have greatly contributed to national economic and industrial development. InnoBiz companies are technology-innovative SMEs selected by the government under Article 15 of the Act on the Promotion of Technology Innovation for SMEs. Approximately 14,000 companies are active members of the InnoBiz Association.
Currently, there are more than 18,387 certified InnoBiz companies. As of the end of 2018, these companies achieved an average sales revenue of 15.7 billion KRW, average export revenue of 7 billion KRW, and an average of 42 employees. Their total export value reached 39.7 billion USD, accounting for 39.3% of total SME exports. Over the past nine years, they have created more than 30,000 new jobs annually on average.
This year, the InnoBiz Association plans to support the sustainable growth of technology-innovative SMEs by focusing on global technology exchange, smart factory advancement, and job creation.
Cho Hong-rae, president of the InnoBiz Association, recently stated to employees, "We will actively support InnoBiz companies to become the main drivers of innovative growth and to serve as the central axis of the growth ladder leading to mid-sized and global companies."
The Magok MICE Complex District project involves 10 entities, including Lotte Construction. It plans to invest a total of 3.3 trillion KRW to develop approximately 82,000 square meters of land in the Magok district special planning zone. Construction began in 2021 and is scheduled for completion in the second half of 2024, with hotels, exhibition halls, and cultural facilities to be established. The InnoBiz Association's new headquarters will be located on part of this site.
An industry insider said, "If InnoBiz Park is established in the Magok district near the airport, it is expected to improve the conditions for meetings and exchange activities between InnoBiz company members and overseas buyers," adding, "Since the Pangyo area is also a symbolic location for innovative companies, some organizational functions will likely remain at the existing Inno Valley office while relocating to the Magok new headquarters."
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