Gyeonggi-do Aims to Create 20 Business Clusters and Support 3,000 Startup Companies

The Gyeonggi provincial government announced that it plans to create a total of 660,000 square meters of startup business space in more than 20 regions, centered around Pangyo Techno Valley, and support 3,000 startup companies by 2026.

On October 12, the Gyeonggi Provincial Government held the “Startup Vision Declaration and Win-Win Partnership Agreement Ceremony” at the 2nd Pangyo Techno Valley Global Biz Center.

About 100 people attended the event, including Governor Kim Dong-yeon, executives from 21 major companies in 2nd Pangyo, officials from startup companies, Kang Seong-cheon, president of Gyeonggi Business & Science Accelerator, and Kim Se-yong, president of Gyeonggi Housing and Urban Corporation. Various programs were held on the day, such as open discussions with startup companies, a ceremony for signing win-win partnership agreements with large companies in the 2nd Pangyo Techno Valley, a presentation of the Gyeonggi Venture and Startup brand, special lectures, investment consultations, and product demonstrations.

Governor Kim Dong-yeon said, “I want to make Gyeonggi-do a paradise for startup companies. I hope that many challenges will arise in Gyeonggi-do to face uncertainty. Gyeonggi-do is another name for opportunity. I want to create opportunities where young people can start a business to their hearts’ content and grow their businesses. I hope that all of you will succeed in business and create value for our society. The Gyeonggi Provincial Office will do its best to understand your difficulties and listen to your concerns.

To make Gyeonggi-do a paradise for Korea’s startup companies, Gyeonggi-do plans to create the best startup environment connected to various industries. It plans to establish Korea’s largest venture startup space in about 20 regions, including Pangyo. The Gyeonggi Provincial Office also aims to nurture 3,000 startup companies and take responsibility for Korea’s future industries. To this end, the office plans to pursue tasks under three themes: space, connectivity and globalization.

First, to create a startup cluster on a global scale, the Gyeonggi Provincial Office will create startup office space in more than 20 regions in Gyeonggi-do by 2026. The area will be 660,000 square meters, the equivalent of 90 soccer fields.

About 500,000 square meters of startup space will be created in the 2nd Pangyo Techno Valley by 2025 with the support of the private sector. More than 2,000 startups will be provided with free or low-cost workspace. By 2026, about 132,000 square meters of startup space will be created to develop various local industries. About 700 startups are planning to move in. Combined with the 300 startups in an area of about 33,000 square meters in the first Pangyo Techno Valley, 3,000 startups will be provided with business space in a total area of 660,000 square meters.

The Gyeonggi Provincial Government plans to establish a business network for startups and strengthen exchanges and cooperation between support organizations and startups. To this end, Gyeonggi-do plans to hold networking events and cooperation programs. In addition, large companies in the 2nd Pangyo Techno Valley are supporting startup companies with more than 200 programs.

To help startups attract foreign investment, the Gyeonggi Provincial Office plans to hold an international investment fair for startups in Pangyo in the second half of 2024. Domestic and overseas start-ups and domestic and overseas investors will participate in this event, and various programs such as idea competitions, investment presentations, lectures and forums will be held. In addition, the office plans to select promising young entrepreneurs and support them with training, investment acceleration, and participation in overseas exhibitions.

During the startup open discussion session, Kim Dong-gi, CEO of Pintel Co., Ltd. and Kim Seong-wook, CEO of Drain Filter Co., Ltd., shared their business challenges and hopes. In addition, Jeong Jong-min, CEO of HFR Co., Ltd., told a story about successful companies, and Kim Hyun-dae, head of Gyeonggi-do’s Future Industry Bureau, gave a short speech about Gyeonggi-do and its startup companies.

At the Win-Win Partnership Agreement Ceremony that followed, Gyeonggi-do, 21 mid-sized companies that moved into the 2nd Pangyo, GBSA and GH announced their plan to support exchanges with accelerators and venture capital companies for the business growth of startup companies. They announced various other plans, such as running business expansion programs and cooperation projects, and providing business space for startup companies.

Major companies and institutions moving into the 2nd Pangyo include HL Mando, KT Co, Ltd, Soulbrain Co, HFR Co, Ltd, Cosmecca Korea Co, Ltd, Interpark Triple Co, Suwon University, Semyung University, CHA Biotech, CMG Pharmaceuticals, CHAcares Co., Ltd. and Fronts, Somansa, Innox, Gaon Chips, V-One Tech, BC World Pharmaceutical, Pharma Research, HK InnoN, 3A Logics, ATI Korea.

For inquiries and connections with Korean tech companies mentioned in this article, contact us at [email protected]. We’re here to facilitate valuable partnerships.

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