SEJONG, Dec. 12 (Korea Bizwire) — The South Korean government has announced plans for a second Pangyo Techno Valley by 2022, which will provide office space to nearly 1,400 businesses at affordable prices to boost promising startup companies.
Under the startup complex project plan revealed on Monday, a new industrial complex will be built in addition to the Pangyo Techno Valley, which is home to many technology companies and the epicenter of South Korea’s tech industry.
Plans for a startup complex under the name ‘Creative Economy Valley’ have been in the making for some time going back to the previous administration, but the revamped plan was unveiled today with the rather mundane name of ‘Second Pangyo Techno Valley’.
The number of proposed business space units has more than doubled compared to the master plan that was revealed in 2015, from 500 offices in four blocks to a total of 1,200 units in nine blocks.
In addition to business support centers including a Global Biz Center, other newly proposed facilities such as a Software Dream Center and ICT Fusion Center will be built to accommodate up-and-coming startups.
Startup companies with potential will move into the complex at affordable rent prices, with venture companies with three to seven years under their belt paying 80 percent of the average commercial rent price in the country.
At both the Global Biz Center and ICT Fusion Center, 60 promising small and medium-sized venture companies and 100 new startup companies will benefit from the government’s efforts to boost the venture capital industry.
At the Software Dream Center, around 100 venture companies in the field of software development will be offered free or inexpensive business space where they will be encouraged to reach their potential.
“After the construction of the Second Pangyo Techno Valley is complete, around 3,000 startup companies will benefit from the space over the next 10 years,” an official from the Ministry of Land, Infrastructure and Transport said.
Testing sites for 11 up-and-coming industries including drone technology, autonomous driving and health care are also scheduled to be built.
“With many of the leading venture companies based nearby, the Second Pangyo Techno Valley is a perfect place for young businesspeople who want to create their own ventures,” said Kim Hyun-mi, the minister of land, infrastructure and transport, plugging the new project at a conference held on Monday.