Taking the First Step Toward Designating a 'Specific Development Promotion Zone' Following the Venture Business Promotion Zone
Selection Decision to Be Made After Seoul City's Industrial and Specific Development Promotion Zone Review in the Second Half of the Year
Gwanak-gu (Mayor Park Jun-hee) is striving to become a hub for venture startups by promoting "Gwanak S Valley" as a key project during the 7th and 8th terms of the elected government, aiming to grow into an innovative economic city through the creation of a venture and startup ecosystem.
The Ministry of SMEs and Startups designated Gwanak S Valley as a "Venture Business Promotion District" in 2022. Following this, the district office submitted an application to Seoul City last July to select the site for designation as a "Specific Development Promotion District."
The Industrial and Specific Development Promotion District system has been operated by Seoul City since 2007 to foster industrial clusters by creating an environment where strategic industries can settle and by providing institutional support to induce the agglomeration of related businesses.
The district plans to apply for the designation of approximately 2.44 million square meters around Nakseongdae, Seoul National University, and Daehak-dong as the "Gwanak S Valley R&D Venture Startup Specific Development Promotion District," and is currently in the first stage of site selection.
In the second half of 2024, Seoul City will decide on the site selection through a review of the Industrial and Specific Development Promotion District. After the site is selected, the district will be finally designated through the stages of establishing a promotion plan and drafting the district designation.
Once the district unit plan is completed in the future, benefits such as relaxed building coverage ratio, floor area ratio, and building height will be granted differentially according to the introduction ratio of recommended industries.
The district expects synergy effects by newly pursuing the designation of the Specific Development Promotion District alongside the Venture Business Promotion District.
Park Jun-hee, Mayor of Gwanak-gu, said, "The pursuit of designation as a Specific Development Promotion District is expected to be an important turning point that accelerates the innovative development of Gwanak S Valley. We will actively strive to ensure that Gwanak S Valley, which has excellent location conditions such as low rent and convenient accessibility, is finally designated as a Specific Development Promotion District." He added, "Through the revitalization of Gwanak S Valley, we will surely achieve regional economic revitalization and the creation of quality jobs."
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