The Third Pangyo Technology Project Breaks Ground in 2025... 1.7 Trillion Won Invested

3rd Pangyo Technology Master Plan Rendering

Gyeonggi Province is investing 1.7 trillion won to create the ‘3rd Pangyo Technovalley’ in Seongnam, Gyeonggi Province. The 3rd Pangyo Technovalley is scheduled to break ground by the end of 2025 and aims for completion in 2029. The site will include spaces for startup companies, public dormitories, leisure facilities, and university research facilities.

On the 31st, Gyeonggi Province jointly announced the ‘3rd Pangyo Technovalley Project Plan’ with Gyeonggi Housing and Urban Corporation (GH) at the Pangyo Global Business Center.

According to the project plan, the 3rd Pangyo Technovalley will be the largest convergence-type public knowledge industry center in Korea, with a project site of 70,000㎡ (approximately 22,000 pyeong), a total floor area of 500,000㎡ (approximately 150,000 pyeong), and a project budget of 1.7 trillion won. Construction will begin at the end of 2025, with companies moving in by the end of 2029.

The site will establish spaces for startup companies in fields such as ▲system semiconductors (non-memory semiconductors) ▲fabless semiconductor design ▲future mobility including autonomous driving, drones, AI, and robotics ▲and biohealth-related companies.

Additionally, as the 1st and 2nd Pangyo Technovalleys have faced issues such as separation of residence and workplace and weekend depopulation due to a lack of residential spaces, the 3rd Pangyo Technovalley will build 1,000 public dormitory units and create a premium community with dining areas and shared lounge concierge services to realize the integration of work and residence.

Furthermore, to support innovation at various stages such as early startups and scale-ups, a dedicated ‘Startup Planet Fund’ worth 35 billion won will be established. A testbed called ‘Smart Ring’ will also be built to verify the commercialization potential of tenant companies’ demonstration research and product launches.

This is the first time Gyeonggi Province is turning the entire site and space into a testbed. The province plans to expand this testbed model to the upcoming 3rd generation new town self-sufficient city model.

In addition, Gyeonggi Province will build a complex commercial facility in the 3rd Pangyo Technovalley where shopping, culture, and leisure activities can be enjoyed in one place, and plans to attract excellent university advanced departments to promote university recruitment and talent inflow.

To create an innovative public knowledge industry center, Gyeonggi Province will launch a ‘planning and design competition’ in the first half of this year. This is a strategy to develop the 3rd Pangyo Technovalley into a landmark town.

Kim Dong-yeon, Governor of Gyeonggi Province, emphasized, "We will create the heart of the startup paradise together with the existing 1st and 2nd Pangyo Technovalleys at the 3rd Pangyo Technovalley," adding, "We will realize the dream of Pangyo as the heart of our industry and various innovations that can sustain not only Gyeonggi Province but also the Republic of Korea together with you."

He continued, "Two weeks ago, I attended the World Economic Forum in Davos, Switzerland, and spoke with political and economic leaders and many businesspeople from around the world. The world is changing very rapidly," and added, "In this global trend and wave of change, I feel heavy-hearted about what Korea is doing. Gyeonggi Province will respond differently to global changes centered on Pangyo."

Meanwhile, a survey conducted by Gyeonggi Province from May to October last year targeting companies in the 1st and 2nd Pangyo Technovalleys found that there are 1,622 tenant companies, of which 86.4% are small and medium-sized enterprises. Mid-sized companies accounted for 7.8%, and large companies 3.8%.

The 2022 sales of companies in the 1st and 2nd Pangyo Technovalleys totaled 167.7 trillion won, with the 1st Pangyo accounting for 157.5 trillion won (93.9%) and the 2nd Pangyo 10.2 trillion won.

The number of regular employees was 78,751, a 7.2% increase compared to 73,443 in 2022. The main age group was people in their 30s and 40s, numbering 51,582, accounting for 69.6% of the total. Among all employees in Pangyo Technovalley, researchers accounted for 30.5% (23,976), female employees 29.2% (22,971), and new employees 18.0% (14,214).

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