“South Korean government will nurture Pangyo as a Silicon Valley of Korea, will create a space for industry, academy, and research communities to interact with each other in Pangyo Techno Valley, while forming a fund for dedicated R&D projects.”
“We have to create a new success formula in response and that can be found in creative economy. The government will lend support to companies in a variety of ways including mentoring, marketing support, and global expansion, as well as conventional R&D support.”
Finance Minister Choi Kyoung-hwan
Will the city of Pangyo be Korean version of Silicon Valley?
SEOUL, Sep. 15 (Korea Bizwire) – Finance Minister Choi Kyoung-hwan visited Pangyo Techno Valley in the southern outskirts of Seoul on September 10 and said, “The government will nurture Pangyo as a Silicon Valley of Korea.” He added that a second techno valley will be established nearby in order to host more tech companies.
The minister said, “The government will create a space for industry, academy, and research communities to interact with each other in Pangyo Techno Valley, while forming a fund for dedicated R&D projects. Detailed plans will be unveiled in the budget proposal for the next fiscal year and a series of creative economy strategy meetings.”
He remarked on the same day, “Korea’s growth strategy that has been successful until now is hitting the wall due to challenges from up-and-coming nations such as China. We have to create a new success formula in response and that can be found in creative economy. In order to realize a creative economy, the government will lend support to companies in a variety of ways including mentoring, marketing support, and global expansion, as well as conventional R&D support.”
By Sean Chung (schung10@koreabizwire.com)
