According to Yonhap News,

(SEONGNAM=Yonhap News) Choi Kyunghwan, the Deputy Prime Minister and Minister of Strategy and Finance, announced on September 10 that the government will foster Pangyo as the Silicon Valley of Korea and create a second valley next to Pangyo to seek more residential space.

“To make up for the weaknesses of Pangyo, we will bring venture and startup support institutions and ICT infrastructure to the region,” said Choi at the Pangyo Techno Valley in Seongnam, Gyeonggi Province.

He added, “We will not only provide a venue where industrial, academic and research sectors can cooperate, but we will also establish research and development (R&D) projects for the Pangyo Techno Valley and create relevant funds. The details of the budget and future plans will be announced at a strategic meeting for the creative economy.”

Choi noted that the Korean formula for success has come to a dead end due to emerging countries including China.

He said the new formula for success lies in the creative economy and introduced measures implemented at a ministerial-level meeting concerning deregulation and a trade-investment promotion meeting for a creative economy.

Choi expressed his aim to take a stronger approach to realizing a creative economy. If government strategy had previously been to support the R&D sector, it is now to focus on mentoring, marketing and the global market.

He also said the government is working to substantially increase the budget for the creative economy and connect the government’s Center for Creative Economy and Innovation with companies.

Choi visited MIDAS Information Technology Co., Ltd., an engineering technology software provider, before the meeting.

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Source Text

Source: Yonhap News (September. 10, 2014)

** This article was translated from the Korean.