Groundbreaking Next Year for Buk Suwon Technovalley Connecting the 'AI Cultural Industry Belt' with 3.6 Trillion Won Investment

Gyeonggi Province will invest a total of 3.6 trillion won by 2028 to create the ‘Buk Suwon Technovalley’ on the site of the Gyeonggi Human Resources Development Institute in Jangan-gu, Suwon City (154,000㎡). Buk Suwon Technovalley will be connected with the Pangyo, Yongin, Gwanggyo, and Indeokwon Gwacheon Technovalleys to establish a leading artificial intelligence (AI) cultural industry belt in South Korea.

On the 26th, Gyeonggi Province announced that it decided to utilize the Gyeonggi Human Resources Development Institute site (154,000㎡) for the residents and invest a total of 3.6 trillion won to develop it into Buk Suwon Technovalley.

The Buk Suwon Technovalley project will be carried out by Gyeonggi Province contributing the asset to the Gyeonggi Housing and Urban Corporation (GH) in kind, with GH reinforcing its capital and then implementing the project. In this case, there will be no additional financial burden on Gyeonggi Province, and the utilization of public assets will be enhanced. Additionally, since Gyeonggi Province and GH will jointly promote the project, it is expected to greatly help invigorate the local economy.

Buk Suwon Technovalley will first be developed as ‘Gyeonggi Opportunity Town,’ which integrates living spaces, workplaces, culture, leisure, and sports. This area will create 7,000 jobs centered on future new growth industries and provide 5,000 residential units, including 1,000 dormitory units, 3,000 rental housing units, and 1,000 equity accumulation-type sale housing units?the first of their kind in Gyeonggi Province. In particular, the equity accumulation-type sale housing is expected to offer asset-building opportunities not only for young adults starting their careers but also for residents of the province.

Gyeonggi Province Governor Kim Dong-yeon is holding a press conference on the development plan of Buk Suwon Technovalley on the 26th.

Earlier in January, Gyeonggi Province announced the third Pangyo Technovalley development plan along with the Gyeonggi-type urban model. The core of the Gyeonggi-type urban model emphasizes integrating living spaces, workplaces, culture, leisure, and sports.

Gyeonggi Province will introduce South Korea’s first ‘One-Stop Care Medical Service’ in Buk Suwon Technovalley. To this end, an integrated care medical center equipped with visiting medical services, rehabilitation therapy, short-term hospitalization, and day and night care facilities will be established.

Previously, Gyeonggi Province announced the ‘360-degree Care’ initiative. 360-degree Care aims to comprehensively support the lives of all Gyeonggi residents, providing anyone in crisis, regardless of age or income, with care services in a package form anytime and anywhere.

In addition, Buk Suwon Technovalley will be developed as a carbon-neutral town reflecting the ‘Gyeonggi RE100’ vision. Buildings will be constructed as renewable energy buildings utilizing solar power, geothermal energy, and other sources to maximize energy efficiency. Gyeonggi Province has announced plans to increase the proportion of renewable energy to 30% by 2030.

At a press conference on the day, Gyeonggi Governor Kim Dong-yeon explained, “To develop Buk Suwon Technovalley, we will hold public hearings and gather corporate demand and other opinions by August this year, announce the architectural plan by the end of this year, start construction next year, and complete the project by 2028 along with the completion of Indeokwon Dongtan.”

He particularly evaluated, “Adding Buk Suwon Technovalley as the fifth to the existing four technovalleys?Pangyo, Yongin, Gwanggyo, and Indeokwon Gwacheon?will complete the AI knowledge industry belt. Buk Suwon Technovalley will change the industrial map of South Korea’s AI capital.”

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