"Transforming the Declined Yongsan Electronics Market Area into a Hub for AI and ICT Advanced Industries"

Selection of Target Site for Specific Development Promotion District
Yongsan District Aims to Finalize District Designation by Next Year

The area around Yongsan Electronics Market in Seoul has been finally selected as the target site for the 'AI·ICT Content Industry Specific Development Promotion District,' marking the official start of the development process.

On the 14th, Park Hee-young, Mayor of Yongsan District, stated, "We plan to establish detailed promotion plans, consult with the Seoul Metropolitan Government, and proceed step-by-step with the goal of finalizing the district designation by the second half of next year."

Yongsan Electronics Market area view. Provided by Yongsan-gu.

The Yongsan Electronics Market area spans a total of 290,325 square meters and was reviewed and approved as the target site for the 'AI·ICT Content Industry Specific Development Promotion District' by the Seoul Metropolitan Government's Industrial and Specific Development Promotion District Review Committee on the 3rd.

In line with the 'Yongsan International Business District and Yongsan Electronics Market Area Linkage Strategy' announced by Seoul in 2023, Yongsan District has actively promoted the district designation process to develop the Electronics Market area into an advanced industrial innovation zone based on artificial intelligence (AI) and information and communication technology (ICT), aiming to leap forward as the 'Silicon Valley of Asia.'

The selected target site includes parts of Wonhyo-ro 1·2-dong and Hangangno-dong, with recommended industries such as AI·ICT software development and supply, construction and management and related information services, manufacturing of computing and processing components and devices, and content production.

Once the promotion district designation is completed and the district unit plan is reflected, newly constructed buildings in the area will have their legal maximum floor area ratio relaxed up to 1.2 times according to the ratio of recommended industries attracted. If facilities related to the recommended industries occupy more than 50% of the building's total floor area, the floor area ratio and building height restrictions will each be relaxed up to 120%.

Additionally, the district will establish an operation support center (anchor facility) to attract and activate recommended industries, and will operate various support programs including technology development, investment attraction, and marketing.

The Yongsan Electronics Market area established itself as the center of the electronics industry with the spread of personal computers in the 1990s and served as a hub for electronics product distribution, manufacturing, and sales until the 2000s. However, due to changes in industry trends and aging facilities, it gradually declined.

Park Hee-young, Mayor of Yongsan District, said, "The selection of this promotion district target site is not just a simple district designation but a signal to transform the declining Electronics Market area into a center of advanced industries. We will concentrate human and material resources to create a future industrial ecosystem where various industries can grow together centered on AI and ICT."

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