Gyeonggi-do, the center of South Korea, leads global trade and business with strength being in most important geopolitical position in Asia
Gyeonggi-do is a province surrounding the capital city of
South Korea, Seoul, and being in close proximity with the capital
means Gyeonggi-do serves as its economy backbone. Comprising of many
manufacturing factories, industries and complexes, Gyeonggi-do is highly
developed in electronics, machinery, chemicals, metals, textiles, farm,
livestock and fisheries. On top of that, its strong investment in future
technologies, such as self-driving cars, tourism, and urban development, make
it one of the up and coming provinces to provide world-class service.
Here are the top 5 reasons to invest in Gyeonggi-do, South Korea:
1. The Central Hub of North East Asia
Located in the center of the Korean Peninsula, Gyeonggi-do is
the largest local government in the Republic of Korea and has a population of more than 13 million people. Many world-renowned Korean conglomerates such as
Samsung, Hyundai, Kia, LG, SK have expanded their reach into Gyeonggi-do to
continue honing their competitiveness and ensuring that they maintain their
edge in the business world.
Other top global companies such as 3M, Bosch and Siemens continue their successful business practices in Gyeonggi-do. 31% of South
Korea’s Small and Medium-sized Enterprises (SMEs) find their home in
Gyeonggi-do as the infrastructure and proximity to the capital as well as ease
of transport suit their needs and requirements. Gyeonggi-do also holds an international trade volume of $141.8 billion, 23% of the entire nation.
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| Gyeonggi-do's geological map(source link) |
2. A City Focused on Cutting-Edge Technology
Gyeonggi-do is also the center of research facilities,
cutting-edge industries and a world-class innovation convergence cluster.
Gyeonggi-do is home to four clusters that can promote information exchange,
industry-academy collaboration with research facilities and partnerships with
multinational companies.
l Pangyo Techno Valley
Pangyo
Techno Valley has over 1,000 companies such as Samsung Techwin, Institut
Pasteur Korea, NCSOFT and Human Tec Korea which focus on world-class innovation
in the IT/BT and software industries.
l Gwanggyo Techno Valley
Home to
roughly 200 resident companies, Gwanggyo Techno Valley is developing as a new
growth engine based on cutting-edge R&D industries with 5 public research
institutes that are related to IT, BT and NT.
l Ansan Science Valley
Consisting
of about 200 universities, research institutes and companies such as LG Innotek
and Korea Electrotechnology Research Institute, Ansan Science Valley is a
cluster that integrates industry, academia, research and relevant government
offices.
l Dongtan Techno Valley
Dongtan
Techno Valley is Korea’s largest technological cluster that consists of about
780 research institutes, urban factories, venture companies, and domestic and
international companies such as Samsung Electronics, Samsung SDI, 3M and POSCO.
3. Giant Market with Immense Potential
North East Asia boasts a huge consumer market with a population
of 1.5 billion – roughly two times the size of the current European population,
and is emerging as one of the world’s top three trading blocks. Asia’s middle
class, which is known to be the largest market for consumer goods and services
is rapidly expanding and is estimated to grow to 3.4 billion by 2030. To fuel
the next wave of technological innovation, 44% of the world’s Research &
Development is spent in Asia.
On top of that, Asia is at the top of the chain when it comes
to countries with the most Science, Technology, Engineering and Mathematics
(STEM) graduates. In 2016, North America had a mere 600,000 graduates while
China alone had 4.7 million and India, 2.6 million. Asia is now seeing major
benefits in proximity between trading countries, high economic growth and lower
mutual trade barriers. As countries continue to sign Free Trade Agreements
(FTA) among each other, Asia is looking at a strong stance in the economy in
the years to come.
As of 2018, Korea has FTAs in effect (15 cases), under negotiation
(10 cases) and multiple unions such as the EFTA, ASEAN and EAEU.
4. Ideal Transportation Infrastructure
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Gyeonggi-do’s proximity to
Seoul and Incheon, the second-busiest port in Korea, has ensured a tremendously
well-developed transportation infrastructure that boasts accessibility to
Incheon Airport as well as Gimpo Airport, some of South Korea’s busiest
airports. Wide networks of buses and trains, as well as the KTX, Korea’s
high-speed rail service, connect commuters everywhere.
The transportation infrastructure of Gyeonggi-do connects Seoul
to 2 international airports within a one-hour travel time and 2 international
ports through 19 highways and 8 railways. Gyeonggi-do will also achieve a greener transportation system when the Great Train Express (GTX) is completed,
connecting Seoul and major cities in Gyeonggi-do in a short span of 30-minutes
through an underground train system, achieving speeds of 100km/h, 3 times
faster than the existing subway system.
5. Outstanding Human Resources
A total of 211 universities and graduate schools are located in
Gyeonggi-do, and with a total of 205,137 research personnel available and
ready, your businesses will be able to find success with the help of our
outstanding human resources.
As of 2016, Korea has spent a total of 69.45 trillion won (5th
in the world) on research and development and there are 13 researchers per
thousands of economically active people. In total, Korea also has 624,910
research & development personnel.
For Gyeonggi-do, a total of 33 trillion is used on research
& development with more than 200,000 of rearch manpower, 166,737
researchers and 13,513 research & development organizations. In conjunction
with 99,362 science & engineering research & development workers,
73,079 semiconductor industry workers, 29,571 display industry workers and
76,213 automotive industry workers, Gyeonggi-do is home to a myriad of
potential.
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