Gyeonggi Province has rolled up its sleeves to attract excellent companies in advanced industries to the three Gyeonggi Technovalley sites currently under development.
On the 24th, Gyeonggi Province held a “Meeting to Promote Corporate Investment and Attraction in Gyeonggi Technovalley” at the provincial government office to discuss plans for attracting outstanding companies to three technovalley sites: ▲Ilsan Technovalley (Bio·Medical), ▲Yangju Technovalley (Display·Mobility), and ▲Yongin Platform City (Advanced companies in AI and semiconductor fields).
Goyang Ilsan Technovalley is an urban development project jointly undertaken by Gyeonggi Province, Goyang City, Gyeonggi Housing and Urban Development Corporation, and Goyang Urban Management Corporation. It is being developed on approximately 872,000㎡ (260,000 pyeong) in Daehwa-dong, Ilsanseo-gu, Goyang City. With a project cost of 850 billion KRW, it aims to establish a location base to attract innovative companies in bio·medical, media·content, and advanced manufacturing sectors. The target completion year is 2026.
Gyeonggi Yangju Technovalley is jointly implemented by Gyeonggi Province, Yangju City, and Gyeonggi Housing and Urban Development Corporation. It is being developed on about 218,000㎡ (66,000 pyeong) in Majon-dong, Yangju City, making it the largest single urban advanced industrial complex in northern Gyeonggi. The total project cost is 110.4 billion KRW, with a completion target of 2026.
Gyeonggi Yongin Platform City is being implemented by Gyeonggi Province, Yongin City, Gyeonggi Housing and Urban Development Corporation, and Yongin Urban Corporation. It will be developed on approximately 2.76 million㎡ (830,000 pyeong) across Bojeong-dong, Mabuk-dong, and Singal-dong in Giheung-gu, Yongin City. The project plans to create a complex self-sufficient city incorporating the metropolitan area express railway (GTX), Bundang Line transfer center, advanced industries, commercial, and cultural functions. Groundbreaking is scheduled for the end of 2024.
Participants at the meeting agreed to secure a competitive edge in attracting companies by designating national advanced strategic industry specialized zones within the urban development areas and allowing overlapping designations of urban advanced industrial complexes. They decided to supply industrial facility land at cost level through negotiated contracts.
They also agreed to support the growth of ventures and startups by expanding facilities, equipment, and research facilities that can be jointly used by companies inside and outside the cluster. Additionally, they will promote industry-academia-research cooperation, overseas expansion programs, corporate growth consulting support, tax and infrastructure installation support, talent attraction and residential environment improvement, financial support for promising cluster resident companies, and efforts to create a favorable investment environment by improving location/environment issues and complex administrative procedures that hinder corporate investment.
Furthermore, recognizing that some companies sign MOUs (Memorandums of Understanding) or submit LOIs (Letters of Intent) but later withdraw or postpone investments, they committed to continuous communication and cooperation with companies to ensure actual investments materialize. They will also actively engage in investment attraction management and follow-up measures.
Oh Se-hyun, Director of the Urban Policy Division of Gyeonggi Province, stated, “Advanced industries are the driving force of innovation for sustainable economic growth and the foundation for creating quality jobs. To respond to intensifying competition for corporate attraction, it is necessary to focus on corporate investment support policies such as tax and finance.” He added, “We will concentrate all of Gyeonggi Province’s capabilities on attracting companies so that Gyeonggi Technovalley can leap forward as a global cluster with world-class competitiveness.”
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