Accelerating Future Industry-Type Complex Self-Sufficient City, 'Goyang Technovalley Project' Progressing Smoothly

- Goyang Techno Valley Project Combining Janghang District, Ilsan Technovalley, Hallyu World, KINTEX Progresses Smoothly
- Development of Janghang District, a Key Residential Area with Support Functions, Gains Momentum... Surrounding Transportation Development Accelerates

Construction companies and real estate developers are showing keen interest in the Janghang District area of Goyang City, Gyeonggi Province. As the 'Goyang Technovalley Project,' centered around Janghang District, progresses smoothly, it is gaining prominence as a future key area.

The Goyang Technovalley Project is a core initiative of Goyang City that integrates and strengthens connectivity among major projects such as Ilsan Technovalley, KINTEX Exhibition Hall 3, Hallyu World, and Janghang District, all underway in Janghang-dong and Daehwa-dong under the slogan of a ‘Peace Economy Central City.’ Upon completion, it is expected to generate employment for approximately 130,000 people.

Lee Dong-hwan, Mayor of Goyang City, stated, "We will make the Goyang Technovalley Project the future driving force of Goyang City to revitalize the local economy and enhance the city's competitiveness," adding, "Through this, Goyang will shed its reputation as a bedroom town and elevate its status as a representative self-sufficient complex city in the metropolitan area."

In fact, the main projects of the Goyang Technovalley Project are raising expectations as development accelerates. First, the 'Ilsan Technovalley' project has entered its main phase. Being developed at about 1.4 times the scale of Pangyo Technovalley, Ilsan Technovalley began demolition work for land clearance earlier this year after more than five years, marking the start of the full-scale complex development. Last summer, a kickoff meeting was held for the establishment of a focused strategy to attract bio and media industries, signaling the start of active development.

This project, developed on approximately 870,000 square meters (260,000 pyeong) in Daehwa-dong with an investment of about 850 billion KRW, plans to attract innovative companies in media and content, bio and medical, and advanced manufacturing sectors to become a hub for future new industries.

To this end, Goyang City has held multiple investment attraction and on-site briefing sessions to attract companies to Goyang Technovalley. According to the city, about 250 companies have expressed their intention to move in on-site, with particular interest from several bio companies, including the global bio-pharmaceutical company Celltrion (R&D center, etc.).

Additionally, the 'KINTEX Exhibition Hall 3' is also progressing rapidly. This project, which will build the largest exhibition hall and a business hotel in Korea on approximately 316,800 pyeong of land, is part of Goyang City's plan to develop into a global MICE (Meetings, Incentives, Conferences, and Exhibitions) industry hub.

Furthermore, the development of 'Hallyu World' and 'Goyang Broadcasting and Video Valley,' regarded as future core projects of Goyang City, is also accelerating. In particular, Hallyu World is showing results in attracting global companies and development centered around CJ LiveCity. Recently, Goyang City and CJ LiveCity signed an MOU with AEG, the world's number one entertainment company, announcing the establishment of the Korean office of the AEG-CJ LiveCity joint venture (JV), raising expectations.

CJ LiveCity plans to use this AEG joint venture Korean office as a starting point to create a foundation for attracting more domestic and international companies to Goyang City. To this end, CJ LiveCity will develop the ‘K-Lifestyle Anchor Complex’ within its complex, providing a work environment and support infrastructure that meet the standards of global companies. Additionally, specialized accommodation facilities tailored to the needs of domestic and international tourists, as well as tourist facilities including an open observatory, are planned.

A Goyang City official said, "Through this, Goyang plans to elevate its status as a center for Hallyu, K-content, and the media industry," adding, "Together with Ilsan Technovalley and KINTEX Exhibition Hall 3, it will become a core hub area of Goyang City aiming to be a world-class global city."

Meanwhile, the Janghang District, being developed as a public land development district, is progressing smoothly. In fact, the district is accelerating residential complex development with the official supply of newlywed hope towns and happy housing.

Janghang District is being developed as a large-scale residential town with 11 complexes and a total of 11,624 households, including public rental, public sale, and private sale housing, serving as the core residential area supporting the Goyang Technovalley Project. The district will also be equipped with infrastructure such as commercial and office facilities alongside residential facilities, which is expected to enhance residential convenience and comfort.

Moreover, Janghang District is expected to have support functions for specific industries such as Goyang Ilsan Technovalley, Broadcasting and Video Valley, Hallyu World, and KINTEX, which are being developed nearby, through its general commercial and office land within the district. The relatively low proportion of general commercial and office land in Janghang District also gives it a scarcity value, which is expected to increase its future value.

An industry insider said, "Especially since various transportation developments, such as the Daegok-Sosa Line and GTX-A Line, which are key benefits for residential areas, are underway around Janghang District, industry interest is growing," adding, "With the complex development of work, residential infrastructure, and transportation, there is already high anticipation that it will become a new residential area in the metropolitan area, making it highly attractive for investment."

Meanwhile, the Goyang Technovalley Project is gaining even more attention as expectations rise following the recent selection of Goyang City as a final candidate site for the economic free zone. Last month, Goyang City’s JDS (Janghang, Daehwa, Songsan, Songpo) district, which includes the Goyang Technovalley Project, was selected as a final candidate site for additional designation as an economic free zone. This is the first case selected in northern Gyeonggi Province.

If Goyang City is finally designated as an economic free zone, incentives such as tax reductions and deregulation will be available for foreign-invested companies, domestic returning companies, and core strategic industry investment companies. Therefore, the effects and ripple impacts are expected to be enormous, further enhancing Goyang City's future value.

An industry insider said, "Goyang City is not only pushing for tailored administrative innovation in organization, budget, and operations to secure final designation as an economic free zone beyond being a final candidate site, but also expressing strong determination to actively attract companies that can enhance the value of the Goyang Technovalley Project, which will be a core area, raising expectations."