How Gyeonggi-do is Leading the Future of Korea

(Press release)

Gyeonggi-do is the province surrounding the capital of South Korea, Seoul. It is the most populated province of Korea having about 13 million inhabitants, more than one-fifth of the entire Korean population. The province has played an important role since 18 BCE when the country was divided into three kingdoms and still plays a vital role for tourism, business, economy and technology in today’s South Korea.

Gyeonggi-do province is an economic and industrial hub in Korea and ranges from heavy industries (chemical, steel, electronics, machinery) to textile industries, IT, farming, livestock and fisheries. More than a quarter of entire Korea’s small and medium-sized companies are located in Gyeonggi-do province and the province is becoming more and more important with the expansion of the Northeast Asian economies.

Gyeonggi-do lies at the heart of the Korean economy and has the highest GRDP among all other provinces on the South Korean peninsula. Additionally, it has the fastest annual GRDP growth rate in comparison with other provinces and even Seoul Special City.

Industry is evenly spread around the province and consists of major companies like Suwon Samsung Semiconductor, Hyundai KIA in Uiwang, Paju’s LG Corporation LCD Complex and Icheon’s SK Hynix.

With the population of 7.29 million and over 68,000 factories located, the international trade volume is 141.8 billion USD and around 11,000 small-to-medium sized companies are located in the province. Major investment industries located in the convergence clusters of Gyeonggi-do (Pangyo Techno Valley, Gwanggyo Techno Valley, Ansan Science Valley and Dongtang Techno Valley) are R&D business and future cutting-edge science industries.

The semiconductor industry of South Korea ranks second in the world, covering over 16% of the whole global market. SK Hynix (Icheon) and Samsung (Suwon) are some of the world’s biggest semiconductor companies, which are both located in Gyeonggi-do Province, and together make over 55 billion dollars in sales a year.

Stats from 2018 show that around 25,000 new companies opened up in Gyeonggi-do in one year. This is 24% off all the new companies in the whole of South Korea. These stats prove that Gyeonggi-do province is by far the best province to open up a company in Korea.

Apart from the boosting economy, Gyeonggi-do is known worldwide for its famous tourist destinations ranging from stunning nature to amusement parks, excellent shopping facilities, and captivating historic sites.

Panoramic view of the Hwaseong Fortress in Suwon, Korea. (Photo: Rahul Aijaz)

The Korean Folk Village and Suwon Hwaseong Fortress are excellent tourist sites which are rich in Korean traditional culture. The Korean Folk Village is a living museum type attraction in Yongin. It showcases how people from all different classes used to live during the Joseon Dynasty and is a popular destination for both international and local visitors. The village first opened in 1974 and has over 260 traditional houses spread over 250 acres of land which are often used for the filming location for K-dramas and movies.

Suwon Hwaseong Fortress was built in 1796 during the reign of King Jeongjo. Hwaseong was built as a fortress of national defense to the south and also to house the tomb of King Jeongjo’s father Crown Prince Sadoseja. The fortress wall remained almost fully intact and surrounds the city of Suwon.

Everland is Korea’s biggest amusement park and is home to the world’s fourth steepest wooden roller coaster. The park is owned by Samsung and includes hotels, a zoo, the theme park, a modern art museum and water park.

The Korean Demilitarized Zone is a buffer zone between North and South Korea. It stretches all the way from the west coast to the east coast and goes through Gyeonggi-do Province. The DMZ is a popular destination among visitors interested in history. Major sites include the JSA, Third Infiltration Tunnel, Dora Observatory, Dorasan Train Station, Imjingak. Further, Gyeonggi-do province has special relationships with other regions and cities around the world. With more than 16 regions around the world (including Queensland, Mexico City, North Holland and many more) Gyeonggi-do has a sisterhood relationship. On top of this it has a signed economic friendship agreement with 25 regions including Taipei City, Texas, Ile De France, Istanbul Province and more.

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