Activation of Beauty Bio in Goyang City
Collaboration for Investment Attraction in Ilsan Technovalley
Goyang Special City, Gyeonggi Province (Mayor Lee Dong-hwan) announced on the 5th that it signed a joint cooperation agreement with the Incheon Beauty·Bio Convergence MC (Mini Cluster) on the 2nd at the city hall's Open Mayor's Office to foster the bio industry.
Lee Dong-hwan, Mayor of Goyang (right), is signing a joint cooperation agreement with Lee Chung-geun, Chairman of the Incheon Beauty and Bio Convergence MC (Mini Cluster), on the 2nd at the Open Mayor's Office in City Hall to promote the bio industry. Provided by Goyang City
The signing ceremony was attended by Lee Dong-hwan, Mayor of Goyang Special City, Lee Chung-geun, Chairman of the Incheon Beauty·Bio Convergence MC, and Song Eun-jung, Secretary.
The Incheon Beauty·Bio Convergence MC is one of seven autonomous mini clusters in the Incheon region, formed by representative beauty and bio manufacturing companies and research institutions in Incheon. It currently includes 46 companies, 4 universities, and 7 research institutes.
Through this agreement, Goyang City and the Incheon Beauty·Bio Convergence MC plan to cooperate on ▲sharing information and networks to revitalize the beauty bio industry in Goyang Special City ▲promoting investment attraction and support benefits in Ilsan Technovalley to member companies of the Incheon Beauty·Bio Convergence MC.
Mayor Lee Dong-hwan said, “I am pleased to sign this agreement with the Incheon Beauty·Bio Convergence MC, which has grown into a successful mini cluster in Incheon,” and added, “I hope that the transfer of know-how and continuous discussions on business development possibilities through cooperation with the Beauty·Bio Convergence MC will lead to investments by leading domestic and international companies in Goyang City, enabling mutual growth between Goyang City and the Beauty·Bio Convergence MC.”
Lee Chung-geun, Chairman of the Incheon Beauty·Bio Convergence MC, responded, “We appreciate Goyang City’s warm hospitality,” and said, “Currently, South Korea’s cosmetics market ranks 8th worldwide, and its export volume ranks 4th globally, so linking K-Culture, one of Goyang City’s strategic industries, with the cosmetics business seems feasible. We hope this agreement will serve as a cornerstone for the development of both organizations.”
Meanwhile, Goyang City is implementing various developments and policies to become a self-sufficient city.
Based on abundant infrastructure, human resources, and favorable geographical conditions, Goyang City is promoting an ‘Economic Free Zone’ spanning approximately 5.34 million pyeong to leap forward as a global self-sufficient city. It plans to attract industries such as bio·precision medicine, K-Culture, MICE (Meetings, Incentives, Conferences, and Exhibitions), smart mobility, and aerospace to create an economic free zone for Korea’s innovative growth.
The Economic Free Zone is expected to facilitate foreign investment by improving the business environment for foreign-invested companies and returning domestic companies, as well as living conditions for foreigners, through various deregulations. Incentives include exemption from the Capital Region Readjustment Planning Act for foreign-invested companies, five years of customs duty exemption, and reductions in property tax and acquisition tax according to local government ordinances.
Additionally, the Ilsan Technovalley project, covering about 260,000 pyeong, is underway with a target completion in 2026. It aims to develop into a hub for advanced technology industries centered on bio·medical and media·content convergence industries, which are core sectors of the Fourth Industrial Revolution.
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