MOLIT developing ‘Innovation Cluster’ in Pangyo

Molit(Minister of land, infrastructure, transport) announced plans to build a new community to attract software enterprises in an effort to expand the current tech community.

The minister of Molit described the new construction as “an urban, high tech industrial valley.” The new area will constructed by the LH Corporation, in conjunction with Kyungki-do officials.

Currently, Pangyo houses 870 enterprises with 60,000 employees in the area. By building more public spaces to meet and making Pangyo more accessible by public transportation, Molit hopes that this will help Pangyo residents build networking relationships with within the community. Construction is set to begin in 2016, with leasing planned for 2017.
Pangyo was created to house companies and businesses that specialize in tech and media. The ministry hopes to attract more companies to build research and development facilities with the new expansion. They also plan to build an eastern area called ‘I-Square’, which will house a convention center and hotels for larger events.
Plans to build a ‘creative hub’ is also in the works to help and attract startups looking for resources to launch their ventures.
According to a Molit representative, the expansion is expected to attract 150 Billion Won in investments and have up to 100,000 working in the area.

Eddie Cho, Yoon Jung Won


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