Seoul City to Bring 35 Fourth Industrial Revolution Companies into Vacant Yongsan Electronics Market... Recruitment of 35 Companies

Accelerating the 'Yongsan Electronics Market Urban Regeneration Project' to Create a New Industry Ecosystem by Integrating Key Future Industry Technologies
Office Space in Yongsan Electronics Market Vacancies Leased and Remodeled as 'Yongsan Y-Valley Electronics Manufacturing Support Center (Tentative)'

[Asia Economy Reporter Lim Cheol-young] Seoul City announced on the 31st that it will accelerate an urban regeneration project to create a new industrial ecosystem by concentrating key technologies of future industries such as the 4th Industrial Revolution, ICT, and electronic manufacturing?including AR, VR, drones, and robots?at Yongsan Electronics Market.

The city stated that it will soon complete the establishment of the office space “Yongsan Y-Valley Electronic Manufacturing Support Center (tentative name),” which is leased and remodeled from the vacant Najin Shopping Mall (Buildings 10 and 11) within Yongsan Electronics Market, and attract related companies. Starting with 35 companies moving in during March, the plan is to expand to a total of 50 companies by the first half of the year.

Rent for resident companies is free. They can use the office space and receive comprehensive support. They will benefit from business incubation programs and on-site consultation services provided by specialized organizations such as SBA and KEA, as well as consulting from technical experts and manufacturing services.

Various infrastructures within Yongsan Electronics Market can also be utilized anytime for company growth. Representative facilities include the co-working space “Yongsan Electronics Imagination Market,” the prototype production workshop “Digital Blacksmith,” and the electronic manufacturing support facilities scheduled to be established in the second half of this year.

Resident companies will be able to conduct everything from research and development to parts procurement, manufacturing, distribution, and after-sales service all in one place within Yongsan Electronics Market. They can turn ideas into prototypes, sell them in the area, gauge market reactions, and decide on mass production of products.

Seoul City is recruiting 35 companies to move into the “Yongsan Y-Valley Electronic Manufacturing Support Center (tentative name)” until the 10th, and companies wishing to move in can submit application documents via email (joe197979@seoul.go.kr).

The target companies are: 20 small and strong companies less than five years old in startups related to the 4th Industrial Revolution and electronic manufacturing that own their own products and items, and 15 startups less than three years old involved in electronic, IT, and 4th Industrial Revolution development and manufacturing.

Previously, Seoul City opened the “Global Startup Center” within Yongsan Electronics Market to support domestic startups by foreigners, immigrants, and international students residing in Korea, as well as the “Yongsan Electronics Imagination Market” and “Digital Blacksmith,” where anyone can create prototypes from their ideas.

Ryu Hoon, Director of Seoul City’s Urban Regeneration Office, said, “By providing residential spaces for future industry companies such as those in the 4th Industrial Revolution within Yongsan Electronics Market, the market?which has been operating mainly for electronic product distribution and after-sales service?has taken a step closer to becoming an urban industrial ecosystem where research and development and manufacturing are also conducted. We will revitalize and transform Yongsan Electronics Market by attracting companies leading future industries such as AR, VR, and drones. We look forward to the participation of many companies.”

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