Gyeonggi Province Accelerates Development of Gwanggyo Techno Valley Bio Idle Site

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province is launching full-scale development projects to foster the Gwanggyo Techno Valley (hereinafter Gwanggyo TV) bio idle site into a global bio hub.

The Gyeonggi Provincial Assembly passed a resolution on in-kind contribution to the Gyeonggi Housing & Urban Development Corporation (GH) for the Gwanggyo TV bio idle site during a plenary session on the 27th. Accordingly, the province will contribute the subject site to GH, and GH will pursue independent projects based on this contribution.

The in-kind contribution target is 18 parcels of land totaling 25,171㎡ (approximately 7,600 pyeong) located in the Gwanggyo TV area of Suwon City, with a standard price of approximately 6.33 billion won based on official land prices, and the final contribution amount will be confirmed according to appraisal results. Gyeonggi Province plans to acquire GH shares as consideration for the contribution.

The development site is adjacent to Youngdong Expressway and Yongin-Seoul Expressway, and is located within 1km of Gwanggyo Central Station on the Shinbundang Line, offering excellent transportation accessibility. In particular, it is situated within the Gwanggyo Bio Cluster with bio innovation infrastructure, and approximately 200 companies and public and private research institutions that comprise the Gyeonggi Provincial Bio Regional Cluster are concentrated in the surrounding area, creating expected synergies.

Major support institutions within the Gwanggyo Bio Cluster include △Gyeonggi Economic Science & Technology Promotion Agency △Gyeonggi Bio Center △Next Generation Convergence Technology Research Institute △Korea Nano Technology Institute △Ajou University Medical Center, and the bio industry ecosystem is rapidly expanding based on nearby public and private knowledge industry centers.

The province is establishing related policies with the Gyeonggi Economic Science & Technology Promotion Agency and GH to create a global bio hub, and is also pursuing strategies in connection with universities, hospitals, anchor companies, and global associations.

Following the in-kind contribution, GH plans to implement complex development consisting of office facilities (16 stories above ground, 4 stories below ground with a total floor area of approximately 145,000㎡), integrated public rental housing, dormitories, and neighborhood living facilities.

Lee Seong-ho, Director of the Future Growth Industry Division at Gyeonggi Province, stated, "The Gwanggyo TV bio idle site was originally designated as a long-term bio research center site, and development was delayed for approximately 20 years. With this in-kind contribution as an opportunity, it will transform into a key hub for the bio-health industry, a future growth sector," adding "We will develop it into the center of Gyeonggi Province's global bio hub by fostering bio startups and cultivating specialized workforce."