○ On May 7, MOU for Yongin Platform City Creation Project signed between Gyeonggi Province, Yongin City, Gyeonggi Urban Innovation Corporation, Yongin Urban Innovation Corporation, and others
○ Agreement to create Gyeonggi Yongin Platform City by 2025
– Creation of futuristic self-sufficient city complex that blends high-tech industry, residential, commercial culture, and welfare spaces on 2.7-square-kilometer site covering Bojeong-dong, Mabuk-dong, and Singal-dong of Giheung-gu area
– Highlighting systematic development cases led by public sector participation in regions at risk of reckless development
○ Designed to enable linkage of functions with Yongin Semiconductor Cluster
– Anticipated synergy effects would enable Gyeonggi Province to emerge as a global semiconductor complex
○ Emphasis by Gyeonggi Province Governor Lee Jae-myung to “pay special attention to Yongin Platform City so that it becomes a model project that allows the public to reclaim unearned income from land”

A futuristic self-sufficient city complex that blends high-tech industry and commercial, residential, cultural, and welfare spaces will be built on a 2.7-square-kilometer (approximately 830,000 pyeong) site in Giheung-gu of Yongin City, including the Bojeong-dong, Mabuk-dong, and Singal-dong areas.

Gyeonggi Province Governor Lee Jae-myung, Yongin City Mayor Baek Gun-gi, Gyeonggi Urban Innovation Corporation President Lee Heon-wook, and Yongin Urban Innovation Corporation President Kim Han-seop signed the ‘MOU for the Creation of the Gyeonggi Yongin Platform City’ and agreed to cooperate in the successful execution of the project. The ceremony was attended by approximately 20 people including National Assembly Member Jeong Chun-suk, as well as Gyeonggi Provincial Assembly members Nam Jong-seob and Kim Jong-sik.

According to the agreement, Gyeonggi Province and Yongin City will provide administrative support in areas such as license approval for development projects and activities to attract domestic and overseas companies, while the Gyeonggi Urban Innovation Corporation and the Yongin Urban Innovation Corporation will undertake the successful implementation of business planning, research/design, land compensation, site renovation, and more. Specific details such as participation in the project and alloted shares will be decided through discussions after a review of project feasibility.

Once the feasibility study is completed and project participants have been confirmed, expected by the end of this year, Gyeonggi Province will start basic plans and development plans from next year. The targeted completion year is 2025.

Gyeonggi Province Governor Lee Jae-myung said: “Since land development utilizes public assets, it is necessary for the public to reclaim the unearned income generated in excess through development licenses.” He added: “I hope [Platform City] is well developed with good infrastructure, and that excess unearned income will be used to improve the lives of Yongin and Gyeonggi residents.” Governor Lee continued, “Please support the Yongin Platform City so that it can grow as a model as it will be a pilot allowing the public to reclaim unearned income from land.”

Yongin City Mayor Baek Gun-gi said: “Yongin City suffered from reckless development, but we will ensure that Platform City will not suffer through such development.” He added: “We will prepare improvement measures for area transportation and attract good companies to develop the city so that it has self-sufficient infrastructure.”

National Assembly Member Jeong Chun-suk stated: “The Yongin Platform City is a big project heralding Yongin City’s century together with the Yongin Semiconductor Cluster.” He added: “In order to maximize public interest, Yongin City and Gyeonggi as a province will work closely together to develop Yongin City as a premium city, a city that leads the Fourth Industrial Revolution.”

■ What is Gyeonggi Yongin Platform City?
Bojeong-dong, Mabuk-dong, and Singal-dong of Giheung-gu, the area where the Gyeonggi Yongin Platform City will be located, features good transportation as it is at the intersection of Yongin Station (GTX) and Bundang Line Station, as well as the Yeongdong Expressway and Gyeongbu Expressway. Large pharmaceutical company headquarters as well as manufacturing and R&D facilities are located nearby including Green Cross and Ilyang Pharmaceutical. The area also has good industrial infrastructure with nine companies in residence including the Hyundai Mobis and Hyundai Motor Research Center in the nearby Mabuk Research and Development Complex.

Yongin City plans to develop the Platform City as a self-sufficient city with knowledge-based, high-tech industry; it will feature commercial, business, and transportation systems, as well as an eco-friendly premium residential complex for 20,000 inhabitants. It is anticipated to produce synergistic effects with the Yongin Semiconductor Cluster, in which SK Hynix has recently confirmed that it would establish facilites.

Of particular note, this is a systematic, public-led development project that began as an effort to prevent rash development. Yongin City has suffered from such reckless development since the beginning of the 1990s through to the mid-2000s due to development led by the private sector, which focused only on development profits without establishing appropriate infrastructure and transportation systems.

In order not to repeat past failures, Yongin City designated the site where the Platform City will be built as a ‘permission-only restricted area for development activities’ in April last year. In fact, there have been approximately 10 split-type development attempts in the area, including private apartments and industrial complexes, before Yongin City’s restriction notice. However, Yongin City maintained its intent to create a systematic and integrated public development with the aim of building a self-sufficient city. Yongin City started full-fledged public-led development by reflecting the Platform City plan in the “2035 Yongin City Basic Plan” announced in 2018.

According to Yongin City’s estimates, approximately KRW 5 trillion will be injected into the creation of Yongin Platform City. The Gyeonggi Urban Innovation Corporation projects that there will be employment-inducing effects of approximately 24,000 positions during the creation stage of the complex, with approximately 40,000 permanent employees by 2025 when occupation begins.

■ Anticipating birth of “Gyeonggi Semiconductor Cluster” as world’s largest semiconductor production base
Gyeonggi Province expects Gyeonggi Yongin Platform City to act as a growth engine in establishing the province as a world-class semiconductor production base.

The Yongin Semiconductor Cluster, with investment of KRW 122 trillion, will be built in Wonsam-myeon, Yongin City, which is approximately 23 kilometers from Bojeong-dong, Mabuk-dong, and Singal-dong in the Giheung-gu area. Gyeonggi Province is establishing a development plan to enable Yongin Platform City to realize synergistic effects with the Yongin Semiconductor Cluster.

Improvement in the semiconductor production capacity of the Yongin area will complement existing semiconductor facilities in Gyeonggi Province to form the “Gyeonggi Semiconductor Cluster,” which is expected to lead Korea’s next-generation growth.

Gyeonggi Province currently has Samsung Electronics’ Giheung·Hwaseong Campus, Samsung Electronics Pyeongtaek Campus in the Pyeongtaek Godeok Industrial Complex, and the SK Hynix Icheon Campus. Samsung Electronics has 41,000 employees for 10 lines at the Giheung·Hwaseong Campus and 4,000 employees for 1 line at the Pyeongtaek Campus, while the SK Hynix Icheon Campus has 18,000 employees for 2 lines.

When the Yongin operations of SK Hynix, for which development and design have been confirmed, join Samsung Electronics’ Pyeongtaek Campus Semiconductor Production Line 2, which is due to commence operations in March of next year, and SK Hynix Icheon M16, it is highly anticipated that the “Gyeonggi Semiconductor Cluster,” a semiconductor production base unparalleled in the world and employing 84,000 people for up to 19 lines, will be created.