Leap Forward as the Central Axis of the Southwestern Startup Ecosystem
Gwanak-gu, Seoul announced on July 4 that it held a kick-off briefing session for the 'Gwanak S Valley R&D Venture and Startup Specific Development Promotion District Promotion Plan Establishment Service' on July 3, aiming to strengthen its position as a key hub in the southwestern startup ecosystem.
Location map of Gwanak S Valley R&D Venture and Startup Specific Development Promotion District. Provided by Gwanak-gu.
Gwanak S Valley was selected as a 'Specific Development Promotion District' by the Seoul Metropolitan Government in October last year. Through the establishment of this promotion plan, the district discussed core issues in depth, including management of recommended business types, utilization of urban planning incentives, and strategies to respond to gentrification. The promotion plan includes expanding startup support facilities, increasing the concentration of businesses, restructuring the urban spatial structure, supporting the scale-up of startups, and strategies for sustainable regional growth.
The district plans to complete the promotion plan in the second half of this year and proceed with the designation of the district and the establishment of a district unit plan after obtaining approval from the Seoul City Deliberation Committee. Upon completion of the district unit plan, urban planning incentives such as relaxed building coverage ratio, floor area ratio, building height restrictions, and tax benefits will be provided.
Meanwhile, Gwanak S Valley has been solidifying its foundation as a venture and startup hub, having been designated as a 'Venture Business Promotion District' by the Ministry of SMEs and Startups in 2022 and selected as a 'Seoul Southwestern New Growth Hub Rapid Promotion Project' in 2023.
Park Junhee, Mayor of Gwanak-gu, stated, "Gwanak S Valley is a central location leading industrial structure innovation and changes in urban identity," and added, "Through the establishment of the promotion plan, we will systematically organize the foundation of the startup ecosystem and be fully prepared to leap forward as an innovative economic city."
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