Goyang City Begins Construction of 'Ilsan Technovalley'... Development Project Accelerates

Plans to Attract Companies in Bio·Medical, Media·Content, and Advanced Manufacturing Sectors

Goyang Ilsan Technovalley Bird's-eye View [Goyang City]

[Asia Economy Reporter Ra Young-cheol] Goyang City, Gyeonggi Province, announced on the 5th that "on the 22nd of last month, the demolition work of obstacles in Goyang Ilsan Technovalley began, marking the official start of the complex development project."

'Goyang Ilsan Technovalley' is a project developed by Goyang City over an area of approximately 870,000㎡ in Beopgot-dong, Ilsanseo-gu, to attract next-generation innovative companies in fields such as bio-medical, media-content, and advanced manufacturing.

According to the city, about 75% (67% of land, 82% of obstacles) of compensation has been completed, and with a construction budget of 3.4 billion KRW, demolition of remaining structures and asbestos removal outside the 170 main buildings will proceed.

Following participation in the '2021 Digital Transformation Expo' last November, where Goyang Ilsan Technovalley operated a booth, a business briefing session for company representatives was also held last month.

So far, companies in the IT and BT sectors have expressed their intention to move in, and institutions and associations hoping to establish bio-medical clusters or e-commerce clusters have additionally conveyed their interest in relocating.

Lee Jae-jun, Mayor of Goyang City, stated, "The development of Goyang Ilsan Technovalley is expected to create many jobs and bring significant economic effects to Goyang City," adding, "We hope it will be swiftly promoted and become a new growth engine for Goyang City."

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