Gwanak S Valley Receives Seoul City Approval as a "Specific Development Promotion District"

Promotion Plan Approved; Only Final District Designation Remains
Full-Fledged Leap Toward Becoming the Startup Mecca of Southwestern Seoul

Gwanak S Valley, which is emerging as a 'global startup hub,' has completed its institutional foundation and is set to take a major leap forward. On December 11, Gwanak District in Seoul (Mayor Park Junhee) announced that the 'Gwanak S Valley Research and Development Venture and Startup Specific Development Promotion District Promotion Plan' has been approved by the Seoul Metropolitan Government's Industrial and Specific Development Promotion District Review Committee.

Joonhee Park, Mayor of Gwanak District (front row, right), and attendees of the Gwanak S Valley Networking Day are smiling brightly to commemorate the event. Provided by Gwanak District.

The Specific Development Promotion District is a system designated by the Seoul Metropolitan Government to encourage and foster the concentration of strategic industries. Since last July, the district has been formulating its promotion plan and seeking approval from the city government.

The Seoul Metropolitan Government's Review Committee gave final approval to the promotion plan after a comprehensive review of the project's direction, location conditions and industry analysis, management measures for recommended business types, and strategies for activating the district.

With this approval, the district has passed the second key milestone for designating the area as a Specific Development Promotion District, following its selection as a candidate site in October last year. Once the area is officially designated and the district unit plan is completed, urban planning regulations such as building coverage ratio, floor area ratio, and height restrictions will be eased, and tax incentives will be added, enhancing the district's competitiveness in attracting startups. In particular, it will become easier to establish private venture company clusters and startup spaces, significantly expanding the startup infrastructure within Gwanak S Valley.

Gwanak S Valley has already proven its capabilities on the global stage. Resident companies began by winning the Best Innovation Award at CES 2022, the world's largest information technology and consumer electronics exhibition, and went on to win Innovation Awards in both 2023 and 2024. With another Innovation Award already confirmed for the upcoming CES 2026, the district will achieve the feat of winning for four consecutive years.

Stretching across the Nakseongdae-dong and Daehak-dong areas, Gwanak S Valley is the center of the startup ecosystem in southwestern Seoul, where venture startups specializing in research and development, artificial intelligence, and information and communication technology are concentrated. With an industry specialization index (LQ) of 4.5-well above the national average-it boasts a technology-based industrial structure and continues to expand its 'industry-academia cooperation startup ecosystem' based on the research capabilities of Seoul National University and young talent.

In 2022, Gwanak S Valley was designated as a 'Venture Business Promotion District' by the Ministry of SMEs and Startups, providing resident companies with various tax benefits such as acquisition tax, property tax, development charges, and traffic congestion charges. In 2023, it was also selected as a new growth hub project for southwestern Seoul by the city government.

Following the approval of the Specific Development Promotion District Promotion Plan, the district plans to proceed smoothly with subsequent steps, including the final designation of the district and the establishment of the district unit plan. In addition, it will expand the Campus Town operated by Seoul National University and strengthen systematic and professional support through the Gwanak Small and Medium Venture Promotion Agency, which was launched this year.

Location map of Gwanak S Valley Research and Development Venture and Startup Specific Development Promotion District. Provided by Gwanak-gu.

The district currently operates 18 startup infrastructure facilities and aims, by next year, to attract 1,000 outstanding venture and startup companies, create 6,400 new jobs, and achieve a cumulative investment of 200 billion won.

Mayor Park Junhee of Gwanak District said, "This approval of the promotion plan is an important turning point for Gwanak S Valley to become the leading technology startup hub in southwestern Seoul. We will ensure that the remaining procedures for final district designation proceed without delay, and by expanding startup facilities, attracting outstanding companies, and strengthening industry-academia-research cooperation, we will transform Gwanak District into the 'innovation startup city of Korea.'