A Korean version of Silicon Valley in the U.S. will be built in Pangyo, Gyeonggi Province, to nurture start-ups as the country's new growth engines. It aims at enabling anyone with innovative ideas to start their own business by providing one-stop full-support service.
The government unveiled the blueprint for Pangyo Techno Valley II at an economy-related ministers' meeting held at Pangyo, southeastern Seoul, Monday. Innovative growth is one of the two main pillars of the Moon administration's economic policy along with income-led growth.
"As seen in Silicon Valley in the U.S. and China's Zhongguancun, it is crucial to set up an innovation center to form an ecosystem for start-ups and venture companies," Strategy and Finance Minister Kim Dong-yeon said.
