Gyeonggi-do Promotes 'Pangyo Startup Planet' to Strengthen Self-Sustaining Functions of 3rd Pangyo

Virtual Aerial View of Pangyo Startup Planet

Gyeonggi Province, together with Gyeonggi Housing and Urban Corporation (GH), is creating the 'Pangyo Startup Planet,' a converged space for work (職), residence (住), and leisure (樂) focused on future growth innovation industries such as semiconductors, artificial intelligence (AI), and renewable energy, to strengthen the self-sustaining functions of the 3rd Pangyo Techno Valley.

On the 12th, Gyeonggi Province held a meeting of the '3rd Pangyo Techno Valley Self-Sustaining Activation Special Task Force (TF)' at the provincial office and announced the operation plan for the 'Pangyo Startup Planet (tentative name),' a self-sustaining activation project for the 3rd Pangyo Techno Valley.

Earlier in February, Gyeonggi Province formed the 'Techno Valley and 3rd New Town Self-Sustaining Activation Special Task Force (TF)' to ensure that large-scale development projects underway in the province have self-sustaining functions.

At the meeting, chaired by Lee Gye-sam, Director of the Provincial Urban Housing Office, representatives from Gyeonggi Province, Seongnam City, and GH discussed measures to secure self-sustaining functions for the 3rd Pangyo Techno Valley.

The 3rd Pangyo Techno Valley development project, jointly implemented by Gyeonggi Province, Seongnam City, Korea Land and Housing Corporation (LH), and GH, covers an area of 583,000㎡ in Geumto-dong, Sujeong-gu, Seongnam City. It is planned to be completed in 2025 and will be linked with the 1st and 2nd Pangyo Techno Valleys to create a Korean version of Silicon Valley.

To activate the self-sustaining functions of the 3rd Pangyo Techno Valley, Gyeonggi Province and GH will develop the 'Pangyo Startup Planet,' a building with a total floor area of 475,000㎡ on 65,000㎡ of land designated as self-sustaining lots 1 to 4.

The Pangyo Startup Planet, a converged space for work (職), residence (住), and leisure (樂), will leverage the strengths of the 1st and 2nd Pangyo Techno Valleys and actively attract talent and companies in the 4th industrial revolution sectors such as semiconductors, AI, autonomous driving, solar and other renewable energies, and biotechnology, creating a space for communication and exchange.

Additionally, to provide stable housing for company employees, public dormitories equipped with advanced facilities will be offered, and after work, commercial, cultural, and sports activities will be supported through facilities such as small theaters, parks, daycare centers, and community spaces.

Furthermore, universities and graduate schools will be attracted to lead innovative industries, fostering a virtuous cycle of employment and serving as hubs for industry-academia-research and development (R&D).

Shared innovation spaces such as open platforms will be provided to create a system where anyone with an idea can start a business and commercialize it.

After completion, Gyeonggi Province plans to establish a 'town management-type governance' composed of private professional operators, local innovative companies, workers, local governments, and experts to operate a sustainable innovation support system, ensuring a self-sustaining ecosystem for company attraction, support for companies and workers, and communication and exchange.

Gyeonggi Province will continue efforts such as establishing basic plans, conducting feasibility studies, and attracting universities and companies to ensure the smooth implementation of the 'Pangyo Startup Planet (tentative name)' operation plan.

Lee Gye-sam, Director of the Provincial Urban Housing Office, emphasized, "This will not be a simple knowledge industry center focused solely on industry but a multifunctional converged space that creates jobs and drives innovative growth," adding, "All participating organizations in the special task force will cooperate organically to create a vibrant Pangyo Startup Planet both day and night."

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