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  • Magok Small Giant Enterprise R&D Complex Innovation Center – 100,000 in Job Creation

  • Economy & Investment News SMG 4842

    The Seoul Metropolitan Government is working toward building an R&D Complex Innovation Center utilizing the unsold plot of land within the Magok Industrial Complex in order to comprehensively provide support that includes space for small giant enterprise operations, in addition to support for startup companies, patent/legal/marketing services and the fostering of research specialists. The objective is to create a total of 100,000 jobs following the construction of 17 facility buildings that both house and promote the growth of approximately 1,000 different small giant enterprises.

    In line with this goal, Seoul seeks to enable the transformation of the Magok Industrial Complex into an optimized R&D hub that is in connection with everyday life while actively partaking in workforce exchanges. Meanwhile, the gathering of Magok development funds are underway, sought to reach a scale of approximately KRW 580 billion as an initial investment, in order to provide small giant enterprise R&D funding support. A 640,000 ㎡ cultural belt is also in the works to be systematically opened as supplementary facilities, the largest outside of the Gangnam area, including the MICE Complex, Magok Central Square, performance halls and art museums.

    Among the 729,785 ㎡ of land occupying the Magok Industrial Complex, 70%, or 514,000 ㎡, currently serves as the grounds for the large enterprise industrial complex, leaving the remaining 30% to be transformed into a small giant enterprise innovative hub, which is intended to operate as the Magok R&D Complex Innovation Center, working as a medium for shared growth between large enterprises and small giants. The Magok Industrial Center was initially planned to function as an industrial/business hub centered around state-of-the-art R&D facilities in 2009, and currently, as of April of this year, saw the completion of roads, water and sewage, facilities and other basic infrastructure. Over the last five years, across the five leading industries of electronics, DNA engineering, biotechnology, IT and energy, as many as 136 domestic and international enterprises recognized for their excellence, have succeeded in securing a space within the complex.

    Among the 215,000 ㎡ of unsold land, comprising 30% of the whole, about half (110,795㎡, 15%) of that will go toward housing a total of 17 facilities. More specifically, ▲ the Public Support Center, operating as business support facilities for patent/legal/marketing and other divisions, occupies one assigned space for facilities reaching 3,528 ㎡, ▲ the R&D Center, exclusively housing small giant enterprise operations, retains 15 assigned facility spaces equivalent to 100,000㎡ and ▲ the M-Complex Campus, a technological innovation hub for industry and academic collaboration, holds one assigned space reaching 4,495 ㎡.

    The approximately KRW 580 billion in Magok development funding will be funneled into the promotion of exchange between on-site small giant enterprise R&D operations and other companies, while culture and leisure facilities will be expanded to occupy a total of 640,000 ㎡ in area to promote the enjoyment and pleasure of complex affiliates and local residents alike with exhibitions, conventions, cultural and art shows, leisure areas and much more.

    All housed business operations and facilities will be constantly managed to ensure faithful use of the Magok Industrial Complex. In addition, a Specialist Operations Committee is scheduled to be launched on the 26th of this month in order manage the support of enterprises regarding several areas of pursuit such as R&D commercialization.

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    < Magok Square > < Seoul Botanical Garden >