Ahn Cheol-soo Announces Economic Pledge to Create 10 Convergence Economic Innovation Districts Including Seoul Magok (Comprehensive)

Job Creation and New Added Value Generation, Seoul-style Tech City Vision

[Image source=Yonhap News]

[Asia Economy Reporter Park Junyi] Ahn Cheol-soo, leader of the People’s Party, has announced a pledge to establish 10 Convergence Economic Innovation Districts including Magok in Seoul. The plan is to designate innovative hub areas similar to Gyeonggi-do’s Pangyo in Seoul and develop them with digital infrastructure.

On the morning of the 16th, Ahn held a press conference at a vacant building in Myeong-dong, Jung-gu, Seoul, to announce the “Global Economic City Seoul” pledge. He emphasized, “Seoul’s economic growth rate has been stagnant for 10 years,” and added, “To increase productivity, innovation in the industrial structure based on knowledge capital is absolutely necessary.” He also said, “Looking at cities with high urban competitiveness such as London, New York, and Amsterdam, tolerance is important,” and explained, “If people are allowed to freely engage and diversity is recognized and embraced, convergence among different people can occur, leading to creation and innovation.”

Regarding raising Seoul’s economic growth rate, he presented three major pledges: ▲ 10 Convergence Economic Innovation Districts ▲ 6 Seoul-type Tech Cities ▲ Establishment of a Small Business Safety Foundation. The Convergence Economic Innovation Districts include Seoul’s Magok, G-Valley, DMC, etc., aiming to create jobs and new added value. This stems from the awareness that Seoul’s economic ecosystem has lost vitality due to the absence of symbolic innovation hubs like Pangyo in Gyeonggi-do. Ahn explained, “Seoul has various infrastructures such as facilities, manpower, and institutions,” and said, “The goal is to enable better collaboration among these and for the Seoul city government to properly support them so that they can be reborn as Convergence Economic Innovation Districts.”

Ahn believes that the Convergence Economic Innovation Districts should go beyond simple research and development centers and serve as digital infrastructure for the Fourth Industrial Revolution era while preserving the characteristics of industrial hubs. For example, the Hongneung-Changdong district is planned to be developed as a bio R&D hub, and the Yangjae district will be nurtured as an Asian hub for global AI companies in line with the opening of KAIST’s AI Graduate School. If the Convergence Economic Innovation Districts are successfully established, it is expected that 100,000 jobs will be created through revitalizing startups and promoting corporate activities, and new added value creation will become Seoul’s future growth engine.

The Seoul-type Tech City concept utilizes underground railway sections to combine housing, education, transportation, and startups. It is modeled after urban regeneration projects such as King’s Cross in London, UK, and Rive Gauche in Paris, France, aiming to create free startup spaces involving universities. Ahn announced plans to establish and complete construction of a Seoul-type Tech City between the Yongsan International Business District and Seoul Station within five years as a pilot project.

Ahn Cheol-soo, leader of the People Party, who is running in the April 7 Seoul mayoral by-election, visited Myeongdong in Jung-gu, Seoul on the morning of the 14th to inspect the Myeongdong commercial district devastated by COVID-19. Photo by the National Assembly Press Photographers Group

The plan also includes measures to support self-employed and small business owners. The Small Business Safety Foundation pledge is a support policy where private companies and Seoul city collaborate to assist management and startups. Unlike the existing Seoul city support system centered on administrative agencies, the core of this pledge is to strengthen connections with private companies. Ahn said, “Using big data and artificial intelligence, we can advise new livelihood entrepreneurs on which regions and industries would be suitable,” and added, “Moreover, Seoul city can support linking with large corporations’ CSV (Creating Shared Value) activities.”

Earlier on the 14th, after visiting Myeong-dong and surveying commercial districts, Ahn told reporters, “If I take charge of Seoul city administration, I will first focus on providing thick and rapid support to self-employed and small business owners who are struggling.” Although Ahn previously announced comprehensive real estate policies on the 14th of last month and the “Women’s Heart Special City Seoul Pledge” on the 29th, this is his first pledge related to economic revitalization.

After the press conference, Ahn Hye-jin, spokesperson for the People’s Party, responded to questions about the feasibility of securing funding by saying, “For regional development, district mayors and city council members are all united,” and added, “If the mayor proposes a plan that can promote regional development, I believe active cooperation will be possible.” Regarding whether the pledges can be implemented within one year, she said, “It is a five-year pledge,” and explained, “Selecting 10 innovation districts will be done within the term, and for the Tech City, at least groundbreaking will be done within five years.”

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