Goyang City in Gyeonggi Province announced that it will begin leasing the advanced industrial innovation cluster, ‘Goyang Ilsan Techno Valley,’ in stages starting the first half of next year. The city plans to divide the land of Ilsan Techno Valley into different uses, such as advanced manufacturing, knowledge-based facilities, and research facilities. They aim to nurture industries focusing on bio, medical, and media/content businesses.
Notably, the city explained that venture companies within Ilsan Techno Valley, which was recently designated as a new venture promotion district by the Ministry of SMEs and Startups, can benefit from reductions in acquisition and property taxes.
To promote the development of ‘Goyang Ilsan Techno Valley,’ the city recently prepared a framework to support land purchase costs up to 800,000 KRW per square meter for investments in industrial facility land exceeding 3,300 square meters, based on the ‘Goyang City Investment Promotion Ordinance.’
According to the city, the ‘Ilsan Techno Valley’ development project involves creating an infrastructure base for attracting innovative companies in precision bio, media/content, and advanced manufacturing sectors on an 872,000 square meter site in Daehwa-dong, Ilsan Seo-gu. This project was selected in a Gyeonggi Province proposal in 2016 and is jointly pursued by Gyeonggi Province, Goyang City, and Gyeonggi Housing and Urban Corporation.
As of the end of November, the current progress rate is about 13%, with a completion target set for the end of 2026. The city expects that once Ilsan Techno Valley is established, it will create approximately 22,000 jobs and have an economic impact of 500 billion KRW.
[Photo Source: Yonhap News / Provided by Goyang City]