Goyang Ilsan Techno Valley, which will emerge as a key hub for the 4th industrial revolution in the northern part of the metropolitan area, is expected to proceed with phased sales in the first half of next year.
Goyang Special City plans to sell land for high-tech manufacturing industries, knowlege infrastructure, and research facilities in Ilsan Techno Valley and develop it into an innovation cluster for high-tech industries such as bio, medical, media, and content. With the recent designation as a venture development promotion district, venture companies in Ilsan Techno Valley can now enjoy reductions in acquisition tax and property tax. Based on the Goyang city Investment Attraction Promotion Ordinance, the city has prepared active support measures such as supporting land purchase costs of up to 800,000 won per pyeong when investing more than 1,000 pyeong of industrial facility land.
Goyang Special Mayor Lee Dong-hwan said, “Based on its convenient transportation location, Ilsan Techno Valley has bio and high-tech precision medical industries linked to Goyang City’s seven major hospitals and research institutes, broadcasting and media content based on major broadcasting companies and the Broadcasting Video Valley, and aviation college and university. It has optimal industrial location conditions for fostering high-tech industries such as drone and UAM industries through demonstration of Drone Anchor Center and K-UAM, attracting investment, supporting start-ups, and securing high-quality human resources. “We will create a successful industrial cluster through various support measures,” he said.
Secured 154% of occupancy demand compared to supply area…Phased sales in the first half of next year
Ilsan techno Valley was selected as a Gyeonggi-do public offering project in 2016 and is a project jointly implemented by Gyeonggi-do, Goyang city, Gyeonggi Housing and Communities Corporation (GH), and Goyang City Management Corporation. A project cost of KRW 850 billion is being invested on an area of 872,000㎡ (approximately 260,000 pyeong) in Daehwa-dong, Seo-gu, ilsanseo-gu to create location-based facilities to attract innovative companies in the bio, medical, media, content, and high-tech manufacturing fields.
After going through administrative procedures such as development plan establishment, implementation plan approval, compensation, and detailed design, Daebo Engineering & construction Consortium was selected as the construction company in 2023, and the complex construction work is currently progressing smoothly. As of November, the progress rate is approximately 13% and is targeted for completion by the end of 2026. Full-scale sales are planned to begin in the first half of 2025.
In order to attract domestic and foreign companies to the industrial facility site in Ilsan Techno Valley, Goyang Special City this year held an investment briefing session for the Korea Chamber of Commerce and industry in Osaka, japan, an investment briefing session for the Fulton County Chairman’s Commitee in the U.S., an investment briefing session for ambassadors to Korea from 32 countries, and a Korea-Japan Business Exchange Association Goyang Global Investment Attraction Conference
The main industries to be attracted are bio/medical (64 companies), media/content (17 companies), and other (64 companies), and a memorandum of understanding (MOU) and letter of intent (LOI) have been signed with companies wishing to move in. .As of november, occupancy demand of 490,000 m2, which is 154% of the supply area, has been secured.
Synergy effects expected from opening of GTX-A, Broadcasting & Video valley, KINTEX, and free economic zone designation
The GTX-A route opened near Ilsan Techno Valley on December 28 of this year, which is expected to greatly improve accessibility to downtown Seoul. You can use seoul Subway Line 3 (Ilsan Line) and Gyeongui-Jungang Line, and plans to extend Incheon Subway Line 2 are also underway. In addition, it is convenient to use the metropolitan road network as it is adjacent to the 1st and 2nd Jayu Road and the 1st Ring Expressway in the metropolitan area, and is an area with excellent overseas accessibility as Incheon Airport is 40 minutes away and Gimpo Airport is 20 minutes away.
Ilsan Techno Valley is expected to become a new growth base for high-tech industries in the northern part of the metropolitan area, including ICT advanced manufacturing, biomedical, and media contents. The city plans to attract key companies that will play a central role in the local industry and establish a cooperative system for new start-ups to form an industrial ecosystem. once construction is completed, it is indeed expected to create approximately 22,000 jobs and generate an economic impact of 500 billion won.
In addition, we plan to maximize the growth synergy of tenant companies by linking with Gyeonggi Goyang Broadcasting and Video Valley, KINTEX Exhibition Center 3, and Janghangong industrial Housing District, which are being built nearby. We are concentrating our efforts on attracting domestic and foreign companies so that it can become a specialized area where work, housing, and pleasure coexist.
In order to attract key companies and high-tech industries, Goyang special City has established the basis for supporting land purchase costs of up to 800,000 won per pyeong when investing more than 1,000 pyeong of industrial facility land based on the Goyang City Investment Attraction Promotion Ordinance. Employment subsidies and education and training subsidies are also provided for the recruitment and training of new residents of Goyang City.
Last October, it was designated as a venture business development promotion district by the Ministry of SMEs and Startups for the first time in northern gyeonggi Province, and venture companies moving into Ilsan Techno Valley are exempted from up to 50% of acquisition tax and property tax, five types of charges including development charges, and management technology support from the government. You can also receive
The city is pursuing the designation of a Gyeonggi Free Economic Zone, including Ilsan Techno Valley. Once a free economic zone is designated, it will attract excellent companies through acquisition tax and property tax reduction benefits for foreign invested companies and resident companies based on relevant laws, and promote shared growth in the northern part of the metropolitan area. We are working hard to achieve traction and balanced development in the North and South.
In addition, with the implementation of the Local Decentralization and Balanced Development Act, which included Goyang City, a border area, as an application target in July last year, the city plans to apply for a special opportunity development zone that supports special regulations, taxation and financial support, and betterment of settlement conditions.
Economy Queen Reporter Hongmi Kim / photo Goyang City
What are the main sectors targeted by the Ilsan Techno Valley initiative?
Time.news Interview: Exploring the Ilsan Techno Valley with Expert Dr. Jae-Min Kim
Editor: Welcome, dr. Kim! It’s great to have you with us today to discuss the exciting developments happening at goyang’s Ilsan Techno Valley. This project is poised to become a key hub for the 4th Industrial Revolution. Could you start by giving us an overview of what Ilsan techno valley entails?
Dr. Kim: Thank you for having me! The Ilsan Techno Valley is an ambitious initiative aimed at transforming Goyang into a nexus for high-tech industries. it’s primary focus is on bio, medical, media, and content sectors, and it seeks to attract innovative companies by providing state-of-the-art facilities and support. With land dedicated to high-tech manufacturing and research, it lays the groundwork for a future where technology and healthcare can seamlessly integrate.
Editor: Captivating! I understand that the phased sales of land will begin in the first half of next year. How does this phased approach benefit potential investors?
Dr. Kim: Phased sales allow for a more strategic allocation of resources and time, enabling the city to gauge demand and adjust plans accordingly. This approach also mitigates risks associated with large-scale developments by breaking the project into manageable steps. For potential investors,it means they can assess market conditions and make informed decisions,especially with the city’s attractive support measures like tax reductions.
Editor: Mayor Lee Dong-hwan has highlighted the strategic location of Ilsan Techno Valley, particularly regarding its proximity to major hospitals and research institutes. How crucial is this aspect for the development of high-tech industries,especially in the biomedical field?
Dr. Kim: It’s absolutely vital. having access to key players in the healthcare sector, such as hospitals and research institutes, creates an ecosystem ripe for innovation. Companies can collaborate on research and development, trial new technologies, and expedite the path from concept to market. This synergy is particularly critically importent in the biomedical field, where the pace of innovation is rapid, and direct access to healthcare infrastructure can provide a significant competitive edge.
Editor: The project has faced an enormous appeal,securing 154% of occupancy demand compared to the available supply. What factors do you think contribute to this high demand?
Dr. Kim: Several factors drive this strong demand. First, there’s a clear trend towards high-tech industries, which are increasingly vital to economic growth. Second, Goyang’s investment in infrastructure and tax incentives makes it an attractive location. The strategic vision to create an integrated environment where startups can flourish alongside established companies also plays a significant role. Stakeholders are recognizing the potential for collaborative innovation in such a vibrant setting.
Editor: the project involves a significant investment of KRW 850 billion over a vast area. Can you shed some light on the implications of this scale of investment for the local and national economy?
Dr.Kim: Certainly! This level of investment can create thousands of jobs, not only in tech industries but also indirectly in supporting sectors like construction, services, and hospitality. It can stimulate local economies by increasing spending and attracting businesses. Furthermore, developing a high-tech hub can enhance South Korea’s global competitiveness, positioning the nation as an innovator in critical fields like biotechnology and advanced manufacturing.
Editor: Goyang City has been proactive in conducting international outreach to attract investment. How significant do you think these global partnerships are for the success of the Tech Valley?
Dr. Kim: Global partnerships are crucial.Engaging with international stakeholders broadens the resource pool,facilitates knowledge transfer,and can lead to groundbreaking collaborations. events like investment briefings and MOU signings highlight Goyang’s commitment to building a diverse and innovative community.Such outreach not only generates foreign investment but also establishes a reputation for Ilsan Techno Valley as a burgeoning tech hub on the global stage.
Editor: Looking ahead, what do you envision for the future of Ilsan Techno Valley once it is fully operational?
Dr. Kim: I anticipate that once it reaches full operation, the Tech Valley will emerge as a leading innovation cluster. It could become a model for combining high-tech industries with healthcare solutions, fostering advancements that address both local and global challenges. This could further lead to breakthrough technologies in fields like telemedicine, artificial intelligence in healthcare, and sustainable practices in manufacturing, making it an exciting place for both talent and investment.
Editor: Thank you, Dr. Kim, for sharing your insights on the Ilsan Techno Valley project. It indeed sounds like a transformative initiative that could redefine high-tech industries in Korea.
Dr. kim: Thank you for having me. I’m excited to see how this project unfolds and its impact on the future of technology and innovation!