According to Yonhap News,

(YONGIN=Yonhap News) Yongin City announced July 29 that STG, an American IT service company, will invest KRW 500 billion (USD 430 million) to establish a knowledge industry center in Gugal-dong, Giheung County.

STG will build a 40-story knowledge industry center (total floor area: 80,000 ㎡, three underground floors) to provide space for 500 companies related to the IT and ICT sectors, including the areas of big data, mobile, wearables and the internet of things.

The city plans to submit the high-tech industrial complex establishment application form to Gyeonggi Province once it receives an investment letter of intent from STG and discusses a development plan with relevant teams.

"The construction of the center will begin next July when the administrative procedure is carried out as planned,” said a city official.

"The knowledge industry center will create 3,000 jobs, revitalize the business area and increase tax revenue," said Yongin City Mayor Jung Chan-min.

STG, whose annual sales reach USD 300 million, handles IT management systems, cyber security, information management and integrated IT solutions.

zorba@yna.co.kr

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