[Interview] Yuseonghun, Geumcheon District Mayor, "Focusing Administrative Capabilities on Livelihood Stability and Local Economy Recovery"

From Fostering G-Valley’s High-Tech Industries
to Supporting Youth Employment and Small Merchants
Focusing on a Virtuous Economic Cycle

"The local economy thrives when businesses grow. Geumcheon-gu will create an economic ecosystem where businesses, youth, and small merchants can grow together."

Seoul’s Geumcheon-gu is accelerating its leap toward becoming an "economic-centered autonomous district" on the occasion of its 30th anniversary. The strategy is to create a virtuous cycle in the overall economy by enhancing corporate competitiveness centered on the high-tech industrial complex G-Valley, expanding youth employment, and providing practical support to small merchants facing difficulties.

In an interview on the 9th, Geumcheon-gu Mayor Yu Seong-hoon emphasized, "Among Seoul’s 25 autonomous districts, Geumcheon-gu is taking a differentiated path as an economic hub city where businesses and industries grow together. We will focus administrative efforts on business support, youth jobs, and the recovery of the livelihood economy."

"Without G-Valley’s growth, there is no future for Geumcheon"

At the heart of Geumcheon-gu’s economy is G-Valley, the nation’s largest urban high-tech industrial complex. As of 2023, G-Valley’s annual production value is about 14 trillion KRW, and its export value reaches 2.8 billion USD. Mayor Yu defines G-Valley as the "core growth axis opening Geumcheon’s future" and is accelerating customized business support.

Mayor Yu said, "We are preparing business-tailored policies suited to the region’s characteristics, where IT and startup companies are concentrated. Businesses must be able to grow stably for youth jobs and the local economy to revive."

Geumcheon-gu is strengthening corporate capabilities through multifaceted policies such as ▲small and medium enterprise loans and design development support ▲operation of the Business Support Center and Corporate Citizen Hall ▲overseas market expansion. Notably, it opened the nation’s first "Geumcheon Gasan Public Design Small Library," equipped with specialized design books, to support the capacity building of design-based companies.

The existing Corporate Citizen Hall has been transformed into an industrial exchange space by newly creating a large conference hall, and the Business Support Center has expanded from one location in Complex 3 to Complex 2 to improve accessibility.

Additionally, the "G-Valley Export Support Online Platform" has been established to assist global expansion through support for participation fees in promising overseas exhibitions and buyer invitation consultation meetings.

"Policies that genuinely relieve small merchants come first"

Policies for small merchants enduring the era of high interest rates and high prices are also concrete. Mayor Yu said, "We are focusing on creating a sustainable business environment beyond short-term financial support."

Geumcheon-gu operates a total of 21.2 billion KRW in special credit guarantees and interest-free loans through the "Geumcheon-type Special Interest-Free Loan Support Project for Small Merchants," and also implements the "Yellow Umbrella Hope Incentive" program for micro small merchants. This system provides 10,000 KRW monthly, up to 120,000 KRW, to business owners enrolled in the mutual aid.

Moreover, the local currency "Geumcheon G-Valley Love Gift Certificate" has increased its discount rate from 5% to 10% and expanded issuance to 16 billion KRW, and the newly introduced "Geumcheon Ttaenggyeoyo Gift Certificate," with a brokerage fee of only 2%, was launched.

Environmental improvement support is also provided. For small merchants, there are life-oriented supports such as ▲air conditioner cleaning ▲facility improvement cost support ▲road occupancy fee reductions, and accessibility has been enhanced by integrating dispersed support information through the "Alley Economy Support Center."

"The region grows only when youth can challenge and settle"

Youth policies have meaning beyond job creation. Mayor Yu explained, "We support the entire cycle from job preparation to startup so that youth can realize their potential."

Representative policies include ▲providing up to 500,000 KRW in the "Employment Success Kit" ▲the "Youth Challenge Support Project," which includes psychological counseling and job competency enhancement ▲and the "Youth Employment Academy Geumcheon Campus," which operates field-oriented training courses based on corporate demand. This campus trains professionals such as digital marketers, security engineers, and Android developers.

The youth startup space "Geumcheon Youth Dream Center" offers practical incubation including office space, a book cafe, startup education, startup competitions, and intellectual property support.

Alongside this, Geumcheon-gu is also working to create an employment-friendly corporate environment through the "Resident Employment Subsidy" and the "Excellent Job Creation Company Certification System."

"The next 30 years of Geumcheon-gu will stand tall as a leading economic autonomous district"

Marking its 30th anniversary this year, Geumcheon-gu has presented a new vision of "leaping to become one of Seoul’s four major economic hub cities." Mayor Yu stated, "We will complete a virtuous cycle structure for the local economy and design the next 30 years of Geumcheon’s future." He concluded the interview by saying, "Policies are ultimately for people. When businesses stabilize, employment increases; when youth challenge themselves, the future is created; when small merchants regain vitality, the alleys come alive. Geumcheon-gu will be reborn as a city where everyone grows together."