# Pangyo Techno Valley

Pangyo Techno Valley, often referred to as the "Silicon Valley of Korea," is a dynamic technology hub located in Pangyo, Seongnam-si, Gyeonggi-do, South Korea. Nestled within the Pangyo New Town development district, it has rapidly evolved into a global R&D powerhouse, spearheading advancements in IT, BT, CT, and NT. This convergence of research, talent, information, and trade has positioned Pangyo Techno Valley as a key driver of economic growth and technological innovation in the nation.

## History

The origins of Pangyo Techno Valley can be traced back to 2003 when Gyeonggi Province, Seongnam City, Korea Land & Housing Corporation, and Korea Housing Corporation forged a collaborative project contract. In 2004, the Execution Plan received approval, formally designating Pangyo Techno Valley as a special development zone. A service contract between Gyeonggi-do Province and Gyeonggi Housing & Urban Development Corporation followed in 2005. The year 2006 marked a significant milestone with the groundbreaking ceremony for the site construction. Between 2006 and 2007, land supply contracts for the initial two rounds were successfully concluded. The year 2009 witnessed the completion of the site construction, coinciding with the finalization of the Pangyo New Town land development. The same year also saw the completion of the Institute Pasteur Korea. The 3rd round of land supply contracts was concluded between 2011 and 2012. In 2012, the Global R&D Center was inaugurated. The Gyeonggi Center for Creative Economy & Innovation was acquired in 2014, followed by the completion of the Pangyo Startup Campus in 2015. Between 2011 and 2013, sales contracts for six parking lots were concluded.
Expansion and Growth:
* 2nd Pangyo Techno Valley: Launched in 2017 and completed in 2022, this phase broadened the scope to encompass cutting-edge fields such as AI, autonomous vehicles, and urban air mobility (UAM). It aimed to attract innovative startups and accelerate their growth, further solidifying Pangyo's position as a technology hub.
* 3rd Pangyo Techno Valley: This phase, initiated in 2019 and slated for completion in 2024, focuses on specialized industries like fabless semiconductors and smart home technologies. It seeks to foster the development of these sectors and contribute to the overall growth of the Pangyo Techno Valley ecosystem.

### Vision and Mission

Pangyo Techno Valley aspires to be a global hub for cutting-edge R&D, with a focus on IT, BT, and CT convergence. Its mission is to establish a globally recognized techno valley that seamlessly integrates research, people, information, and trade.

### Features

Pangyo Techno Valley offers a compelling array of features that make it a highly desirable location for businesses:
* State-of-the-art Infrastructure: The complex boasts world-class infrastructure, including high-speed internet, advanced research facilities, and a well-connected transportation network, providing a conducive environment for businesses to thrive.
* Dynamic Innovation Ecosystem: Pangyo Techno Valley cultivates a vibrant innovation ecosystem that encourages collaboration and knowledge sharing among businesses, research institutions, and universities.
* Comprehensive Support Programs: A wide range of support programs are offered to help businesses grow and succeed, including funding opportunities, mentoring from industry experts, and networking events to connect with potential partners and investors.
* Rich Talent Pool: The presence of leading universities and research institutions ensures a steady supply of highly skilled talent for businesses in Pangyo Techno Valley.
* High Quality of Life: Pangyo Techno Valley offers an exceptional quality of life for its residents, with ample green spaces, recreational facilities, and convenient access to amenities.

### Future

Pangyo Techno Valley is poised to become a global leader in driving the Fourth Industrial Revolution. It envisions a future where it serves as a world-class innovation cluster with a thriving startup ecosystem. The goal is to accommodate 2,000 high-tech companies and 110,000 employees across the 1st and 2nd Pangyo Techno Valley.
Pangyo Techno Valley is committed to:
* Leading the startup ecosystem and promoting technological innovation.
* Providing customized business spaces for companies at different growth stages.
* Establishing a global network and industry-academic cooperation system.
* Creating an attractive city with active communication and exchange.
* Nurturing new growth industries in Gyeonggi-do.
* Becoming a global convergence R&D hub.
* Sharing its successful model with other clusters in Gyeonggi-do.
Pangyo Techno Valley stands as a testament to South Korea's commitment to innovation and technological advancement. With its focus on collaboration, talent development, and a thriving ecosystem, Pangyo Techno Valley is well-positioned to continue its trajectory as a global leader in the technology landscape.

## Construction

Opened in 2011, Pangyo Techno Valley covers an area of about 661,000 m$^2$ in total. The general research site covers about 267,000 m$^2$. This site has direct researching facilities, research developing facilities, and school-work linked researching facilities. The research supporting site covers about 118,000 m$^2$. This site has guest houses, dormitories, a specialized graduate school, and a job training center. There has also been established a Global R&D center that covers about 46,488 m$^2$ (building) and 12,578 m$^2$ (land). It provides e.g. conference and education rooms. The parking lot covers 21,716 m$^2$.
After the success of the Pangyo Techno Valley a second Pangyo Techno Valley is under construction. The second Pangyo Techno Valley covers about 425,760 m$^2$ in total. The first phase is expected to be finished in December 2019. The second phase is scheduled to be completed in June 2019. There are also plans for a third Pangyo Techno Valley that should be implemented until 2022 according to the region's governor. It will be built on a 583,581 m$^2$ site in Geumto-dong, Seongnam, Gyeonggi.

## Companies

* ABN (Arem Broadcasting Network)
* AhnLab Inc, founded in 1995, is a security software provider in South Korea. AhnLab means 'Ahn-laboratory' and was constructed by Ahn Cheol-soo. Today AhnLab sells computer software such as antivirus software, online security software for online games and the Mobile Web.
* CHA group consortium 'CHA group' is a hospital and R&D group for human health sciences. 'CHA' was named after its owner's surname.
* Gabia Inc, Internet domain registrar and hosting provider in South Korea.
* Kakao, a mobile app and Internet website developer
* Nexon, a video game developer and publisher
* Paymentwall, a global payment service and technology provider.
* SK-Chemical was constructed by SK Group in 1976. SKC is now a chemical-research company in Korea. SKC requires 'green chemicals' and 'life sciences' for the health of humanity.
* SK Planet, a mobile solutions subsidiary of SK Telecom
* Smilegate, a video game developer and publisher
* YURA corporation.

## Economy

The Pangyo Techno Valley also affects the economic development of Pangyo and Bundang significantly. In 2011, when the Techno Valley was established 88 companies had offices in this area. In 2017 already more than 1300 companies were based in the Pangyo Techno Valley, generating over 77.4 trillion Korean Won in sales. 22 percent of the province's gross domestic product is generated in the Pangyo Techno Valley. Due to the Shinbundang Line and various other transportation links the techno valley is well connected to Seoul and the Pangyo Station's business district will grow in size.

## Transportation

Subway: Pangyo Station is the closest subway station to the Pangyo Techno Valley. Visitors and workers exit through Number 1 and travel for two blocks to reach the Pangyo Techno Valley.
Bus: Pangyo Techno Valley has two different bus stops in front of the valley. The closest bus stop is number '320'. The second bus stop, which is numbered '380' and '4000', is across the road in the valley.