Pangyo tech valley to expand: Choi

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Pangyo tech valley to expand: Choi

Choi Kyung-hwan, deputy minister for the economy and finance minister, yesterday said he wanted to further develop Pangyo Techno Valley in Seongnam, Gyeonggi, to make it Korea’s Silicon Valley.

The Pangyo complex is a local mecca for the IT industry, having offices of more than 300 IT firms, as well as being home to more than 100 companies from other industries such as biotechnology and so-called cultural technology, or exporting of K-pop products.

Under Choi’s leadership, the government will open another industrial complex near Pangyo to accommodate more technology start-ups and create synergies among them.

Choi had a meeting yesterday afternoon at Midas Information Technology, a Pangyo-based industrial software developer, to listen to the grievances of the area’s business leaders and unveiled his plan to support small IT companies and early-stage start-ups. It was a follow-up move to his announcement of the plan right after taking office in July.

“Pangyo Techno Valley has great potential for inter-industry convergence as it is home to various industries ranging from IT to biotech,” said Choi. “However, there have not been many technological exchanges among the private-sector companies, schools and research institutes based here. Also, companies have a hard time attracting investments.”

Choi said the government will build a joint working center that encourages cooperation among the three sectors and create a joint fund with foreign venture capital. The fund’s size wasn’t specified.

Incubators and government-led support groups will open there to help start-ups in their early stages, and the government will open a center equipped with cutting-edge technology for public use.

“Now is the time to take a bold approach to implement a new formula for success,” said Choi. “The answer is in a creative economy.”


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