Seoul to create ICT hub in Gangnam

[THE INVESTOR] The Seoul City government said on Aug. 3 it will create a 3 million square-meter site in Seocho-gu, southern Seoul, as an industrial hub for software and information communications technology sectors.

The site that covers Yangjae-dong and Umyeon-dong will be developed as an industrial complex for tech firms, including a 750,000 square-meter research and development center. The Seoul Metropolitan Government expects some 15,000 new jobs to be created through the plan.

SMG plans to designate the area as a special development district next year, offering tax cuts for companies and their R&D facilities.

Big Korean firms such as LG Electronics and Hyundai Motor Group have already located their R&D centers in the area. The city hopes synergies among large and smaller firms, including startups.

By Lee Ji-yoon (jylee@heraldcorp.com)