Pangyo StartUp] Gyeonggi-do Invests 50 Billion Won in Pangyo Start-up Campus to Create a "Digital Open Lab"

    LOS ANGELES, CA, July 01, 2021 /24-7PressRelease/ -- Gyeonggi-do announced on the 11th that Gyeonggi Center for Creative Economy & Innovation has been chosen as a managing organization of "Digital Open Lab led by innovation" recruited by Ministry of Science and ICT

The project supports digital convergence of ICT and emerging technologies for SMEs and start-ups such as 5G and AI in which Ministry of Science and ICT invests 48 billion won from government spending for the next five years until 2025 and Gyeonggi-do finances 1.8 billion won.
Gyeonggi-do is planning to open "Digital Open Lab" which is about 1455㎡ in scale in Pangyo start-up campus, also called the Korean version of Silicon Valley and the cradle of innovation for budding businesses (start-ups) in July.

The goal of "Digital Open Lab" is to foster emerging ICT industries such as 5G and AI as an open space led by innovation which creates the foundation for facilities, equipment and a place for collaboration necessary for the development of devices and services combined with D•N•A(data, network, AI) and supports all stages of development including planning, development and commercialization of SMEs and budding businesses.

"Digital Open Lab" would create 5G test network, MEC platform and 5G test bed not only providing various environments for 5G development but also supporting the development of D•N•A technology related infrastructure, technologies and consulting. In addition, it is planning to connect with D•N•A-related facilities and support projects alongside departments of the government and local governments and develop public convergence devices to address various social issues.

Lim Moon-young, Gyeonggi-do's Future Growth Policy Officer said, "the creation of Digital Open Lab is expected to play a central role in boosting digital competitiveness of SMEs as a leading project in creating emerging industries including 5G and AI. We are planning to focus our attention on starting the project in earnest."

Moreover, six organizations including electronics and telecommunications research institute (ETRI), Telecommunications Technology Association, Daegu Techno Park, Soongsil University, ICT alliance and Smart Technology Promotion Association will take part in the project as a consortium to create "Digital Open Lab led by innovation" and run the project for five years.

Pangyo Technovalley is an innovation hub for global companies comparable to the Silicon Valley in the US, Zhongguancun in China, and STATION F in France. It is an Asia tech hub with 1,259 IT, BT, CT, and NT companies that possess innovative products and technologies. Located just south of the metropolitan area, it provides the best environment for Korean companies to do business with great transportation access and infrastructure.

Various high-tech companies are located in Pangyo Technovalley, and it is occupied by 64,000 full-time employees, many in their 20-30s. In terms of industry, the companies are engaged in information technology, contents technology, biotechnology, and nanotechnology.

With the support of innovative companies with global capabilities such as Kakao, Naver, AhnLab, Krafton, NCSoft, Nexon, and Hancom, companies in Pangyo Technovalley recorded 107 trillion won in sales last year. Investment and infrastructure growth in Pangyo is expected to continue, with the Metaverse hub entering Pangyo this year.

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