110 Billion Investment Boosts Development of Urban High-Tech Industrial Complex 'Gyeonggi Yangju Technovalley'

Aerial View of Gyeonggi Yangju Technovalley

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi Yangju Technovalley development project has gained momentum.

Gyeonggi Province announced on the 27th that it has officially approved the industrial complex plan for the 'Gyeonggi Yangju Technovalley development project,' which will serve as a key complex to strengthen the industrial competitiveness of northern Gyeonggi.

The Gyeonggi Yangju Technovalley is an urban high-tech industrial complex jointly developed by Gyeonggi Province, Yangju City, and Gyeonggi Housing and Urban Corporation (GH) on a 218,105㎡ site in the Nambang-dong and Majon-dong areas of Yangju City, with an investment of 110.4 billion KRW.

The complex was planned to establish new growth infrastructure such as a platform for advanced manufacturing and to serve as a hub for the 4th industrial revolution in northern Gyeonggi.

To develop the complex, the province has carried out prior administrative procedures including ▲ signing a joint project implementation agreement (February 2019) ▲ starting survey and design services and passing the central investment review (October 2019) ▲ announcing the decision to lift the development restriction zone (July 2021).

With the industrial complex plan approved, the province plans to begin compensation and construction from next year and complete the complex by 2024.

The Gyeonggi Yangju Technovalley will secure 47% (102,885㎡) of the total 218,105㎡ area as industrial facility land, and 31% (32,085㎡) of the industrial facility land will be used as research and development (R&D) sites.

This site aims to promote structural advancement of traditional manufacturing industries through service convergence and data-based innovation in existing urban industries, root industries, and machinery industries, and to foster smart lifestyle consumer goods industries through design and IT convergence.

The province expects that once completed, the Gyeonggi Yangju Technovalley will directly and indirectly generate a total production inducement effect of 1.8686 trillion KRW, a value-added inducement effect of 443.2 billion KRW, and employment inducement for 4,373 people. Additionally, by linking with the Yangju Station area urban development project forming nearby, it is anticipated to contribute to creating quality jobs and realizing a future self-sufficient city with a residential environment close to workplaces.

Hong Ji-seon, Director of the Urban Housing Office of the province, emphasized, "We will develop the Gyeonggi Yangju Technovalley into an industrial complex that can serve as a regional hub promoting the development of northern Gyeonggi beyond Yangju City."

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