The provincial government will kick in 350 billion won (US$329 million) in investment including a special budget of 150 billion won and the remaining balance coming from Gyeonggi Urban Innovation Corporation.(image:TF-urban/flickr)
SEOUL, Oct. 9 (Korea Bizwire) – The Gyeonggi provincial government said on October 7 that it would create a second high-tech industrial zone in Seongnam‘s Pangyo after the success of the Pangyo Techno Valley project. Dubbed “Next Pangyo,” the project will be built on a 460,000 square meter site, about two-thirds of the size of first Techno Valley.
Park Soo-young, the provincial government’s vice governor in charge of administrative affairs, said, “We have already talked in depth about the project with the central government and the Seongnam city government. It will begin from next year in earnest.”
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The provincial government will kick in 350 billion won (US$329 million) in investment including a special budget of 150 billion won and the remaining balance coming from Gyeonggi Urban Innovation Corporation. The central government will also grant the matching fund of 350 billion won.
Once the construction work is completed, as many as 600 companies will set up shop in the zone, with estimated 43,000 new quality jobs to be created. As for the first Techno Valley in Pangyo whose ground was broken in 2005, there are 870 companies with 59,000 employees working within the area.
In addition, the provincial government will extend the tram line currently in operation between the Pangyo Station (Shin-Bundang Line) and the Pangyo Techno Valley station to the new industrial zone by 1.5 kilometers.
By Sean Chung (schung10@koreabizwire.com)
