Goyang Emerges as an 'Innovation Hub' through Venture Business Promotion District

Incentives such as Tax Reductions and Fee Exemptions
Venture Companies Increase by 16 Percent

Despite regulatory restrictions as an overpopulation control area, Goyang Special City in Gyeonggi Province (Mayor Lee Donghwan) is leveraging its designation as a Venture Business Promotion District to build a regional innovation ecosystem and drive local growth.

Goyang Venture Business Promotion District Information. Provided by Goyang Special City

In October last year, the city became the first in northern Gyeonggi Province to be designated as a Venture Business Promotion District by the Ministry of SMEs and Startups. The designated area covers a total of 1.25 million square meters (approximately 378,000 pyeong), including major development zones such as Ilsan Techno Valley and Broadcasting & Video Valley around KINTEX, as well as key knowledge industry centers in Wonheung-dong and Baekseok-dong.

The Venture Business Promotion District is a location support system designed to encourage the clustering of venture companies and maximize the efficiency of technology development, investment attraction, and business support. Through this initiative, the city aims to overcome overlapping metropolitan regulations and create a more business-friendly environment.

The number of venture companies in Goyang increased by about 16%, from 483 in October last year (prior to the district’s designation) to 560 as of October this year. Venture companies located in the district are eligible for a 50% reduction in acquisition and property taxes, as well as exemptions from five types of charges, including transportation impact fees.

The city plans to further expand the spatial scope of the venture ecosystem and boost the local economy by pursuing additional Venture Business Promotion District designations for areas with a high concentration of knowledge industry centers and corporate facilities.

A city official stated, "Goyang has high growth potential for fostering venture companies," adding, "We plan to invest in and support local venture companies that have strong technological capabilities and growth potential but face challenges such as securing business funds and attracting investment."

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