‘Changwon-type Digital Valley’ Is Different

Expansion of Free Trade Zones Linked to Becoming a Land of Opportunity for Youth

Changwon City, Gyeongnam, is establishing a Changwon-style Digital Valley in Masan Marine New City.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Changwon City in Gyeongnam is creating a Changwon-type Digital Valley on about 20,000 pyeong of public land within Masan Marine New City.

Unlike digital enterprise clusters in other regions, it announced plans to build a distinctive digital valley unique to Changwon linked with the expansion of the Free Trade Zone, making it a "land of opportunity sought by youth."

The Changwon-type Digital Valley will consist of a Digital Innovation Town, a Global ICT Research Cooperation Space, and a Global PBL (Project Based Learning) Education Space.

The Digital Innovation Town will be formed by expanding the existing Masan Free Trade Zone, focusing on free trade and knowledge production.

It plans to attract foreign-invested companies related to data, networks, and AI technologies and establish a hub space for intangible asset exports based on this.

The Global ICT Research Cooperation Space will expand research functions related to manufacturing AI and materials, areas where Changwon has strengths, and will be filled with affiliated research institutes of private companies as well as government and local government-funded research institutions.

Research cooperation in high value-added future fields such as future mobility, electronic components, and advanced logistics will also be pursued.

The Global PBL Education Space will promote project-based education in connection with resident companies and research institutions, and cultivate high-level talent through global education conducted by world-renowned university faculty.

The city stated that it has been working on establishing the Changwon-type Digital Valley since 2020, including the expansion of the Free Trade Zone.

Currently, feasibility studies and basic plan establishment services are underway, and upon completion in June this year, additional necessary administrative procedures will be carried out with plans to request Free Trade designation in the first half of 2023.

The project will be carried out over five years from 2023 to 2027, with a total budget of 500 billion KRW, including 240 billion KRW in national funds and 260 billion KRW in local funds.

The city expects that upon completion of the project, effects such as production of 1.031 trillion KRW, added value of 391.7 billion KRW, and employment of 4,618 people will be realized.

It also anticipated that if advanced companies move into the marine new city aiming to be a smart and emotional city, it will accelerate the completion of the smart city and create synergy effects with other spaces.

A city official said, "Although the economy has rebounded with a V-turn despite the recession caused by COVID-19 and the rise of manufacturing countries like China, to sustain growth, proactively respond to periodic economic crises, and give hope to youth, the establishment of a digital valley in the region is necessary."

Mayor Heo Seong-mu said, "The Changwon-type Digital Valley will be a model of a future-type Free Trade Zone," adding, "It is expected to lead our region's export economy, enhance the regional brand through attracting ICT conglomerates, and have the effect of attracting young population."

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