Hwaseong-si Promotes Designation of 'Venture Business Promotion Zone' Including Dongtan Technovalley

Enactment and Promulgation of Ordinance for Venture Promotion and Support

Hwaseong City in Gyeonggi Province is promoting the designation of the Dongtan Techno Valley area as a 'Venture Business Promotion District.'

Hwaseong City announced on the 16th that it has enacted the 'Ordinance on the Promotion and Support of Venture Businesses, etc.' to promote startup activities within the city and revitalize startups and venture companies, which was promulgated on the 15th.

The ordinance includes ▲definitions of venture businesses, startup companies, prospective entrepreneurs, and venture businesses, etc. ▲formulation and implementation of policies to foster and support promising venture businesses within the city ▲projects for fostering and supporting venture businesses, etc. ▲installation of support facilities for venture businesses, etc. ▲establishment of cooperative systems among related organizations.

The city explained that with the enactment of the ordinance, it has established the basis for major projects such as ▲operating discovery and fostering programs ▲creating and providing spaces for residency and startups ▲supporting market development, promotion, and marketing of products and services ▲holding startup competitions and awarding prize money ▲supporting research and development (R&D) to strengthen competitiveness.

In particular, the ordinance has laid the foundation for promoting the selection and attraction of various administrative and financial support projects implemented by the government, Gyeonggi Province, and public institutions, including the designation of a Venture Business Promotion District under the 'Special Act on the Promotion of Venture Businesses.' Accordingly, the city plans to pursue the designation of the Dongtan area, including Dongtan Techno Valley, as a 'Venture Business Promotion District' by the Ministry of SMEs and Startups.

Jung Myung-geun, mayor of Hwaseong City, said, "Through the enactment of this ordinance, we will strengthen policies to foster venture businesses and work toward continuous growth of local companies and revitalization of the regional economy."