[Pangyo Hot Issue] Asia Tech Hub! Achieved 100 Trillion in Sales in Pangyo Techno Valley!

- 93% of 1,259 resident companies are high-tech companies such as IT, 64,497 full-time workers
- 107.2 trillion won in sales, an increase of 19.7 trillion won (22.44%) from previous year

LOS ANGELES, CA, September 24, 2020 /24-7PressRelease/ -- The statistics showed that 93% of the companies in Pangyo Techno Valley are high-tech, and 85.94% are SMEs. Their sales last year amounted to 107.2 trillion won.

On Sep. 2, Gyeonggi-do announced the results of a complete survey of companies in Pangyo Techno Valley conducted from last April to July by GBSA.

According to the survey results, there were a total of 1,259 companies in Pangyo Techno Valley as of the end of 2019. By industries, companies in high-tech industry made up of 830 IT companies (65.93%), 165 content technology companies (13.11%), 164 biotechnology companies (13.03%), and 17 nanotechnology companies (1.35%) took up 93% of all.

SMEs accounted for 85.94% of the resident companies. Mid-sized companies took up 7.23% and large companies took up 4.61%, the sum of the ratio of large and medium-sized companies increasing from 10% in 2018 to 11.84%.

The sales of these resident companies in 2019 was about 107.2 trillion won, an increase of 19.7 trillion won (22.44%) from 87.5 trillion won in 2018.

Of the 1,259 resident companies, 941 (74.74%) are headquartered in Pangyo Techno Valley, and the number of companies that are operating research centers is 674. The number of full-time workers was 64,497, an increase of 1,447 from 63,050 in 2018, and the main age group is 20s and 30s taking up 64.04%, making the younger generation being the major group.

According to the survey, 19.44% of the workers lived in Bundang and Seongnam area where Pangyo Techno Valley is located, followed by 17.23% in Gwangju and Yongin, 16.62% in the southern part of Seoul, and 15.4% in Gwacheon, Uiwang, and Suwon. The top four areas of residence showed an increasing trend from 62.98% to 68.69% over the last three years, showing that a large number of executives and employees reside in areas where commuting is easy and public transportation is accessible.

Lim Mun-young, the Future Growth Policy Officer of Gyeonggi-do, said, "For Pangyo Techno Valley to take a bigger leap forward, it is necessary to analyze the current status of Pangyo Techno Valley and discuss the direction it should take to develop further. We will listen to the voices of the resident companies and make the effort to improve the environment."

Gyeonggi-do is planning to use the results of this survey as data to improve the efficiency of complex operation and establish economic policies.

Pangyo Techno Valley is a R&D complex focusing on IT, BT, CT and Fusion Technology, which was developed by Gyeonggi-do to reinforce the national competitiveness and self-sufficiency function of the Pangyo new town.

Together with the locational advantage as a giant consumer market in the capital area, Pangyo can raise the synergy effect because access to SANGAM DMC, Teheran Valley, GURO Digital Complex in Seoul and the adjacent clusters like Gwanggyo and Ansan, etc. in the province.

In addition, while having established the support facilities like Global R&D Center, Public Support Center and Startup campus, etc. to provide the optimum environment to the tenant companies, Pangyo Techno Valley systematically provides the diverse business support programs of Gyeonggido through the Pangyo Techno Valley Support Team.

In particular, Pangyo Techno Valley is the place where business activities can be maximized through mutual information exchanges with the research institutes related with high-tech technologies and the global companies like GE, etc.

We promise to exert all of our efforts to develop an optimum business environment and to support businesses so that Pangyo Techno Valley can stand as a future-oriented model of the Republic of Korea. Your deep concerns and encouragements would be appreciated. Thank you.

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