Ilsan Technovalley and Others: 8.6 Trillion Won 'Public-Led Innovation Cluster' Smooth Sailing

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will complete all administrative procedures by next year for the 8.6 trillion KRW-scale 'Public-led New Industry Innovation Cluster,' which is being promoted to contribute to regional balanced development and create an innovation growth hub.

According to Gyeonggi Province on the 29th, the province is advancing projects including Ilsan Technovalley, Gyeonggi Yangju Technovalley, the 3rd Pangyo Technovalley, and Gyeonggi Yongin Platform City to prepare for the 4th Industrial Revolution era and achieve balanced development between the northern and southern regions. These projects are designed to lead regional industrial development with a high proportion (21?55%) of self-sufficient land relative to the total area, contributing to job creation.

Aerial View of Ilsan Technovalley

Ilsan Technovalley will invest 849.3 billion KRW in an area of 872,000㎡ in Daehwa-dong, Goyang City, to establish a location base for attracting innovative companies in media & content, bio & medical, and advanced manufacturing sectors. Since the initial site selection in 2016, administrative procedures such as approval of the implementation plan were completed in August this year, and site development will begin in the second half of next year, aiming for completion in the second half of 2024.

Gyeonggi Yangju Technovalley is being promoted with a project cost of 110.4 billion KRW on 218,000㎡ in Nambang-dong and Majon-dong, Yangju City. It plans to foster a smart lifestyle consumer goods industry by integrating design and information and communication technology (IT) into existing regional industries such as textiles, fashion, and traditional manufacturing, establishing a growth platform for advanced manufacturing companies representing northern Gyeonggi. The site was selected in 2017, and administrative procedures including approval of the industrial complex plan will be completed by December this year. Compensation will begin in the first half of next year, followed by construction in the second half. Completion is expected in the second half of 2024.

The 3rd Pangyo Technovalley will invest 1.3756 trillion KRW in a 583,000㎡ site in Geumto-dong, Sujeong-gu, Seongnam City. It aims to foster industries linked with companies in the 1st and 2nd Pangyo Technovalleys, attract D.N.A (Data, Network, AI) industries, and create jobs through digital and green new deals by building low-carbon infrastructure. Additionally, about 28% (164,000㎡) of the total area will be supplied as residential land to complement public housing functions for nearby company employees and young workers. After the public housing district designation announcement in 2018, the groundbreaking ceremony was held in June this year, with completion targeted for the second half of 2024.

Perspective View of Gyeonggi Yongin Platform City

Gyeonggi Yongin Platform City will be developed on approximately 2,757,000㎡ in Bojeong-dong, Mabuk-dong, and Singal-dong, Giheung-gu, Yongin City, with a total project cost of 6.2851 trillion KRW. It plans to organically connect GTX (Metropolitan Area Express Railway) Line A, Gyeongbu Expressway, and new transportation modes to realize future transportation means, attract advanced industries, and develop into a self-sufficient hub city. Following the memorandum of understanding among joint project implementers in 2019, the urban development zone designation and project recognition announcement were completed in January this year. Compensation procedures will proceed next year, with construction expected to start in the first half of 2023. Completion is estimated for the first half of 2029.

Hong Ji-seon, Director of the Urban Housing Office of Gyeonggi Province, stated, "For the northern Gyeonggi region, Ilsan and Yangju were selected as optimal locations through evaluations including city and county contests, site selection, and development planning. For the southern Gyeonggi region, projects are underway in Seongnam and Yongin to expand the successful case of Pangyo Technovalley centered on the Gyeongbu axis and to create economic hub cities." She emphasized, "We will focus our utmost capabilities to ensure a smooth foundation for the settlement of advanced industry companies through prompt construction so that Gyeonggi Province can lead the 4th Industrial Revolution era."

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