Green Light for Goyang Ilsan Technovalley Development... Passed Ministry of the Interior and Safety Review

[Asia Economy (Uijeongbu) = Reporter Lee Young-gyu] A green light has been turned on for the Goyang Ilsan Techno Valley development project.

Gyeonggi Province announced on the 1st that the Ministry of the Interior and Safety held the '2nd Central Investment Review Committee of 2020' on the 26th of last month and conditionally approved the Goyang Ilsan Techno Valley development project jointly implemented by Gyeonggi Province, Goyang City, Gyeonggi Urban Innovation Corporation, and Goyang Urban Management Corporation.

The Ministry of the Interior and Safety's central investment review for local finance examines the feasibility and necessity of new investment projects involving local government finances when the total investment exceeds 20 billion KRW.

Ilsan Techno Valley is progressing after passing the feasibility review by the Local Public Enterprise Evaluation Institute, and this central investment review was conducted because Goyang City is investing 104.4 billion KRW in equity and policy support funds for issuing corporate bonds.

A Goyang City official explained, "In the first review in March, there were some concerns as it was decided to reconsider due to demand and feasibility issues considering surrounding business districts, but we smoothly passed the second review by fully reflecting the action plans for the reconsideration opinions, such as already secured corporate demand, differentiated business plans, and highly competitive location conditions. In fact, all preliminary administrative procedures have been completed, and only the implementation plan approval remains."

Ilsan Techno Valley is a project being promoted to attract next-generation innovative companies such as augmented reality (AR), virtual reality (VR) industries, and broadcasting video content businesses in the area of Beopgot-dong, Ilsanseo-gu, Goyang, covering approximately 850,000㎡.

So far, about 260 companies in IT and BT sectors have expressed their intention to move in, and various institutions and associations hoping to establish bio-medical clusters or e-commerce clusters are negotiating additional occupancy.

As of this month, the plan is to apply for implementation plan approval and start consultations with related agencies aiming for construction commencement in the second half of 2021, complete the survey of obstacles within the second half, and proceed with compensation procedures.

A provincial official emphasized, "We will successfully promote the Goyang Ilsan Techno Valley project to create a new growth base in Goyang, which has reached its growth limit, to promote balanced development in northern Gyeonggi and revitalize the regional economy."