Korea’s Silicon Valley to open earlier than planned in 2017

The government aims to open the Pangyo Creative Economy Valley in August 2017, several months earlier than previously planned, said Deputy Prime Minister and Finance Minister Choi Kyung-hwan at the fourth meeting of the Creative Economy Public-Private Conference held at Seoul Plaza Hotel on Friday.

The decision is part of the Park Geun-hye government’s effort to boost its creative economy initiative and expedite economic recovery amid sagging economic indices. The Pangyo Valley intends to be Korea’s version of Silicon Valley and will support 600 technology-based companies, including 300 start-ups and 300 more established companies. The valley is expected to foster new IT start-ups and help them extend their businesses beyond the first three years, the so-called Death Valley.

Early stage start-ups will be able to rent office space in the valley at 20 percent of the area’s average for up to three years. More mature start-ups, which often face management crises at around their 3rd year of business because they run out of money, will be able to rent office space at 70 to 80 percent of the average prices in the area.