Pangyo Techno Valley Working to Create an AI Cluster

Chairman Masayoshi Son of SoftBank met with President Moon Jae-in last month and suggested to him that South Korean Government should fully promote AI industry. Chairman Son emphasized the importance of AI industry when he met with President Moon.
There is a strong AI trend within Pangyo Techno Valley that is seen as the Silicon Valley of South Korea. Gyeonggi-do also announced its plan of making Pangyo Techno Valley as the sacred place for the AI industry. Pangyo Techno Valley is planning to form an AI cluster and make a leap as the second global innovative cluster
Startup supporting agencies will also work on helping startup companies go global. They are going to help startup companies since their establishment and attract foreign supporting agencies to Pangyo.
◊AI ecosystem growing through South Korean Government
Gyeonggi-do and Gyeonggido Business & Science Accelerator (GBSA) are putting all of their efforts into attracting AI cluster to Pangyo Techno Valley. Their plan is to convert Pangyo Techno Valley into an innovative cluster connected to ICT (Information Communication Technology) and BT (Bio Technology).
Gwangju Metropolitan City was exempted from a preliminary feasibility test earlier this year. It is going to invest $334 million (406.1 billion KRW) until 2024 to create an ‘AI-based scientific technology startup complex’. Gyeonggi-do believes that there is a possibility by securing validity while carrying out preliminary feasibility test.
AI-based self-driving center already entered Second Pangyo Techno Valley that is expected to be completed in 2021. KAIST (Korea Advanced Institute of Science and Technology) that set up an AI graduate school also set up an industry-university collaboration center in Pangyo. All these surrounding infrastructures will be enough to create synergy.
They also held a meeting with relevant agencies last month regarding AI cluster. Participants agreed that Pangyo Techno Valley is the best place for AI Cluster as it is a place where ICT and BT cross on the scientific map of Gyeonggi-do.
“Aside from administrative support, we are also going to maximize incentives, programs, and joint R&D with universities to attract companies.” said Gong Jung-shik who is the section head of Gyeonggi-do’s Future Industry Section. “We are going to put out execution plans sometime during February of next year after discussing with relevant agencies.”

<Panoramic view of Pangyo Techno Valley>

◊Pangyo Techno Valley busy with incoming visits from foreign countries
There were 685 foreign guests who visited Pangyo Techno Valley through GBSA last year. Guests from central governments and local governments of China, Thailand, and Canada learned about different platforms of Pangyo Techno Valley. In 2019, total of 484 guests visited Pangyo Techno Valley so far.
There were also 42 state visits to Pangyo Techno Valley through Gyeonggi Center for Creative Economy & Innovation (GCCEI) last year. The president of Estonia and his delegation made a visit in February while the president of Slovakia and a delegation comprised of Slovakian companies made a visit in April. In 2019, total of 22 state visits took place so far. Guests learned about different supporting systems and businesses and took what they learned to their respective countries by signing MOUs (Memorandum of Understanding).
GCCEI was able to attract DEPA (Digital Economy Promotion Agency) from Thailand and prepared a base for a foreign agency. GCCEI is going to work with other countries from ASEAN (Association of Southeast Asian Nations) and it is planning to attract agencies from Indonesia and Vietnam by end of this year.
Born 2 Global Center recorded 1,708 overseas expansion consulting services, 88 foreign patents and trademarks applications, 20 foreign business agreements, 11 foreign corporates establishment, and $91.7 million (111.3 billion KRW) of investments in 2018 alone. Supporting agencies utilize their own qualities to help startup companies go global.
“We are establishing a high-tech valley through thorough management.” said Department Head Lim Chang-kyu of GBSA’s Cluster Innovation Headquarters. “We are going to be in the forefront of helping startup companies go overseas.”
Staff Reporter Kim, Junghee | jhakim@etnews.com

<▪Number of businesses in Pangyo Techno Valley and their sales (Source: Gyeonggido Business & Science Accelerator) ▲2012 ∆Number of businesses: 634 ∆Sales: Uninvestigated ▲2013 ∆Number of businesses: 870 ∆Sales: $44.5 (54 trillion KRW) ▲2014 ∆Number of businesses: 1,002 ∆Sales: $56.9 (69 trillion KRW) ▲2015 ∆Number of businesses: 1,121 ∆Sales: $57.7 (70 trillion KRW) ▲2016 ∆Number of businesses: 1,306 ∆Sales: $63.4 (77 trillion KRW) ▲2017 ∆Number of businesses: 1,270 ∆Sales: $65.3 (79.3 trillion KRW) ▲2018 ∆Number of businesses: 1,309 ∆Sales: $72.1 (87.5 trillion KRW) >

<▪Types of businesses in Pangyo Techno Valley ▲2012 ∆IT: 331 ∆BT: 75 ∆CT (Culture Technology): 61 ∆NT (Nano Technology): 3 ∆Others: 164 ▲2013 ∆IT: 487 ∆BT: 80 ∆CT (Culture Technology): 150 ∆NT (Nano Technology): 13 ∆Others: 140 ▲2014 ∆IT: 643 ∆BT: 103 ∆CT (Culture Technology): 87 ∆NT (Nano Technology): 11 ∆Others: 158 ▲2015 ∆IT: 862 ∆BT: 137 ∆CT (Culture Technology): 42 ∆NT (Nano Technology): 11 ∆Others: 69 ▲2016 ∆IT: 1,038 ∆BT: 141 ∆CT (Culture Technology): 63 ∆NT (Nano Technology): 12 ∆Others: 52 ▲2017 ∆IT: 865 ∆BT: 150 ∆CT (Culture Technology): 158 ∆NT (Nano Technology): 17 ∆Others: 80 ▲2018 ∆IT: 863 ∆BT: 165 ∆CT (Culture Technology): 175 ∆NT (Nano Technology): 14 ∆Others: 92 >

<▪Size of businesses in Pangyo Techno Valley ▲2013 ∆Major company: 24 ∆Medium-sized company: 64 ∆Small and medium company: 767 ∆Others: 15 ▲2014 ∆Major company: 37 ∆Medium-sized company: 99 ∆Small and medium company: 857 ∆Others: 9 ▲2015 ∆Major company: 30 ∆Medium-sized company: 54 ∆Small and medium company: 1,019 ∆Others: 18 ▲2016 ∆Major company: 35 ∆Medium-sized company: 92 ∆Small and medium company: 1,136 ∆Others: 43 ▲2017 ∆Major company: 45 ∆Medium-sized company: 82 ∆Small and medium company: 1,101 ∆Others: 42 ▲2018 ∆Major company: 53 ∆Medium-sized company: 81 ∆Small and medium company: 1,128 ∆Others: 47 >

<▪Number of executives and staff members ▲2012: 30,166 ▲2013: 58,188 ▲2014: 70,577 ▲2015: 72,820 ▲2016: 74,738 ▲2017: 62,575 ▲2018: 63,050 >