"Startup Park to Become Korea's Silicon Valley: Two Unicorn Companies Expected Within 10 Years"

[Interview] Yang Seung-jo, Governor of Chungnam
833 Billion Invested by 2020 to Create Research Facilities and Startup Spaces Twice the Size of Sangam World Cup Stadium
Goal to Attract 500 Startups Within 5 Years

Yang Seung-jo, Governor of Chungcheongnam-do.
[Photo by Chungcheongnam-do Provincial Government]

[Asia Economy Reporter Kim Jong-hwa] "We will nurture 2 unicorn companies and 20 prospective unicorn companies within 10 years."

This is the ambition of Yang Seung-jo, Governor of Chungcheongnam-do, for the 'Startup Park' that will become Korea's Silicon Valley. The Startup Park is a project to create a startup venture ecosystem similar to Silicon Valley in the U.S., in line with the government's Green New Deal policy. With 'Cheonan Station Area' in Wachon-dong, Seobuk-gu, Cheonan City, finally selected in the complex-type Startup Park competition conducted by the Ministry of SMEs and Startups this year, the residents of Chungnam are expecting a second venture boom.

Chungnam Province plans to invest a total of 83.3 billion KRW, including 30 billion KRW in national funds, by 2022 to build a complex research facility and startup spaces covering 17,639㎡, twice the size of Sangam World Cup Stadium. The province is ambitiously pushing the project, aiming to nurture 2 unicorn companies and 20 prospective unicorn companies within 10 years, attract 500 startups within 5 years, and create about 15,000 jobs through this.

Governor Yang said, "Since the Startup Park site and administrative procedures have all been completed, we will soon begin the construction project," adding, "We are concentrating all administrative power to lead the startup ecosystem not only in Chungnam but across South Korea."

This year, Chungnam Province established the Disaster Safety Countermeasures Headquarters and the 'COVID-19 Economic Industry Countermeasures Headquarters,' a control tower for economic emergency response, and has been fully responding to the novel coronavirus infection (COVID-19). Governor Yang explained, "We urgently allocated and supported 1.121 trillion KRW for small business emergency management stabilization funds and 420.9 billion KRW for SME emergency management stabilization funds, which ranks third nationwide after Seoul and Gyeonggi."

Achievements in corporate attraction and export trade are also remarkable. Governor Yang stated, "Despite difficult circumstances, we attracted 13 global foreign-invested companies with 507 million USD and settled 597 domestic companies in the province, resulting in the creation of 8,600 jobs and an attraction effect of 1.9395 trillion KRW."

He also said, "Despite global trade blockades, Chungnam's exports reached 64.2 billion USD, ranking second nationwide, and the trade balance recorded 42.2 billion USD, ranking first nationwide," attributing these achievements to the proactive responses of businesspeople and employees amid changing environments such as support for non-face-to-face marketing and market diversification through overseas trade offices.

Despite such efforts, Chungnam Province's situation remains difficult. Employment rates are falling, and unemployment rates are rising. As of the end of October, Chungnam's employment rate was 64.7%, down 0.5 percentage points from the previous month, and the unemployment rate was 2.7%, up 0.3 percentage points from the previous month.

Governor Yang expressed confidence, saying, "We will simultaneously solve the two challenges of normalizing quarantine and revitalizing the stagnant economy." Chungnam Province is currently promoting 'normalization of quarantine' through a stable treatment system such as the Chungcheong region joint bed system and operation of living treatment centers, as well as improving dining culture. It is also focusing its capabilities on building infrastructure to support industries being reorganized around the 4th Industrial Revolution, such as smartization, contactless technology, and acceleration of digital content.

Governor Yang emphasized, "Since this is an unprecedented economic crisis, the value of coexistence and cooperation among economic agents is more necessary than ever," and added, "We will spare no administrative and financial support to make Chungnam a business-friendly province."

This content was produced with the assistance of AI translation services.