Pangyo Techno Valley is an innovation park located in the south of Seoul in Gyeonggi Province. It focuses on information technology, biotech, and the fusion of culture, and technology. It is Korea's best ICT-based R&D innovation cluster with a total of KRW 5.27 trillion (around USD 4.2 billion) invested by the South Korean government. It was completed in 2015 and covers an area of about 454,964 square miles with support facilities such as the Global R&D Center, Public Support Center, and the Industry-Academy R&D Center.
Pangyo Techno Valley is the type of environment where SMEs and startups can mutually exchange information with high-tech technology research institutes and large, global companies. This hub aims to merge different industrial sectors, mostly within information and communications technology, to create new business opportunities and foster the growth of startups. Born2Global Center reports that Korea's top 60 startups and the K-Global 300 startups are all located in the Pangyo Startup Campus.
To further support the growth of startups, the Korean government began constructing an addition to the existing Pangyo Techno Valley complex, which is scheduled to be completed in 2020. The extension will foster a new community especially for startups and high-tech firms. It will consist of sites for private companies, including venture startups, "venture campus" sites for startups, "innovation towns" for companies and research institutes, and government organizations that provide support for startups as well as innovative technologies, the arts, and other creative industries in the area.