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S. Korea to create Asian version of Silicon Valley

All News 10:01 January 18, 2016

By Kang Yoon-seung

SEOUL, Jan. 18 (Yonhap) -- The government plans to build business zones this year that are modeled after Silicon Valley in the U.S. and house ventures from home and abroad as part of efforts to help develop a startup hub, the science ministry said Monday.

In a New Year's policy report to President Park Geun-hye, the Ministry of Science, ICT, and Future Planning said it will build what it calls an "Asian Silicon Valley" in Sangam-dong, western Seoul, which will focus on combining virtual reality and computer graphics technologies with entertainment content.

The ministry earlier said that it also plans to invest 1.5 trillion won (US$1.23 billion) in establishing the 430,000-square-meter Creative Economy Valley in Pangyo, south of Seoul, which aims to host 1,600 companies employing more than 100,000 people.

The plan is in line with the government's creative-economy drive, which refers to the administration's flagship policy that aims to merge different industrial sectors, mostly with information and communications technologies, to generate new business opportunities.

The government will also give startups opportunities to promote their products and services at "hallyu" events. Hallyu refers to the global boom of Korean pop culture, especially in Asian countries.

The ministry said it will provide education programs and necessary facilities to the startups to be located at the zones to help them eventually tap overseas markets.

In line with the government's drive to develop the ICT segment, the Financial Services Commission said it will supply 80 trillion won to tech firms this year so that they can invest in core growth industries.


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