Gyeonggi Province accelerates development of Gwanggyo Techno Valley bio vacant site

[Suwon Ilbo=Reporter Kim Gap-dong] Gyeonggi Province is formally launching a development project to nurture the Gwanggyo Techno Valley bio vacant site into a global bio hub.

The Gyeonggi Provincial Assembly passed a resolution on the 27th to approve the in-kind contribution of the Gwanggyo Techno Valley bio vacant site to the Gyeonggi Housing & Urban Development Corporation (GH). Following this decision, the province will contribute the target site to GH, and GH will proceed with independent project implementation based on this contribution.

The in-kind contribution target comprises 18 parcels of land totaling 25,171㎡ (approximately 7,600 pyeong) located in the Gwanggyo Techno Valley area of Suwon, with a standard price of approximately 63.3 billion won based on announced land prices. The final contribution amount will be determined based on appraisal results. Gyeonggi Province will acquire GH shares as consideration for this contribution.

The development site is positioned adjacent to the Yeongdong Expressway and Yongin-Seoul Expressway, with excellent transportation accessibility within 1km of Gwanggyo Central Station on the Shinbundang Line. In particular, it is located within the Gwanggyo Bio Cluster with a strong biotech innovation foundation, and is surrounded by approximately 200 companies and public and private research institutions that comprise the Gyeonggi Province bio metropolitan cluster, from which synergistic effects are expected.

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

To establish a global bio hub, the province is formulating related policies in collaboration with the Gyeonggi Province Economic Science & Technology Promotion Agency, GH, and others, while implementing parallel strategies linking with universities, hospitals, anchor companies, and global associations.

Following the in-kind contribution, GH plans to undertake complex development comprising office facilities, integrated public rental housing, dormitories, and neighborhood commercial facilities in a 16-story above-ground, 4-story underground structure (total floor area approximately 145,000㎡).

Lee Seong-ho, Director of Future Growth Industries at the Province, stated, "The Gwanggyo Techno Valley bio vacant site was originally designated as a long-term bio research center with development delayed for approximately 20 years, but through this in-kind contribution opportunity, it will transform into a key hub for the biohealth industry, a future growth sector," adding "We will develop it into the center of Gyeonggi Province's global bio hub by nurturing bio startups and fostering specialized talent."