Seoul Mayor Park Won-soon explains the benefits that Hongneung Bio Project offers to the business people at the Seoul Biohub in Hongneung, Seoul on Jan. 14 with the project getting a breath of new life selected as the first economy-based “Urban New Deal” Project.

Seoul City’s Hongneung Biohub Project has been given a new breath of life by being selected as the first economy-based “urban new deal” project being pushed by the government.

The total investment for the project would be around 485.9 billion won, including 62.5 billion won in government funds, 310.4 billion own from the autonomous local administration, and 113 Billion won from SH Co.

Seoul City and the Ministry of Land, Infrastructure and Transport plan to develop a bio-medical R&D facility as a bio cluster connected with universities, research facilities, business firms and hospitals located nearby closely.

They want to build the Hongneung Bio Health Center, and an R&D Center, including Seoul Biohub and high-tech medical equipment research center, on a site as large as 500,000 square meters in Hongneung, eastern Seoul.

The Urban Renewal Special Council headed by PM Lee Nak-yeon approved the selection of 76 cities and towns for renewal projects, in addition to the 22 cities and towns selected in the first half.

Government will plunk down a total of 5.9 trillion won in the urban renewal projects with the Gyeonggi Province leading the number of projects with 10 over other cities and towns, followed by South Gyeongsang Province with 8 projects. Seoul and Gangwon Province came next with 7 projects each.

Hongneung is the most noticeable one among the projects that Seoul City got as the district already has the biohub project that has been pushed by Seoul City for development and it will be pushed strongly more than ever with new investments and the project expanded.

The Seoul Metropolitan Government said it would become the hub of the nation’s biomedical industry by easing regulations to support the sector.

Seoul Mayor Park Won-soon said he would spare no resources to help the industry discover innovative technologies and commercialize them, in the “Seoul BioMedical International Conference 2018,” held at the City Hall on recently.

“Biotech is one of the leading sectors of the Fourth Industrial Revolution, drawing attention as an industry for future growth. Based on Seoul’s well-established infrastructures including many hospitals and universities, we will nurture this area intensively,” Park said.

“We will expand our funds for the biomedical sector and support companies to expand their business overseas,” he added.

The Seoul Metropolitan Government will collaborate with global pharmaceutical firms such as Johnson & Johnson to develop world-class technologies based on the biomedical cluster in Hongneung, northeastern Seoul, according to Park.

Last year, the capital city completed the construction of Seoul Bio Hub in Hongneung to support biomedical firms’ research and entrepreneurship, as well as to help regional development.

Seoul has been actively seeking and sharing strategies to attract foreign investment and to turn technologies into businesses by cooperating multinational firms including Johnson & Johnson.

According to recent research by the Korea Research Institute for Human Settlements, as many as 1,383 towns across Korea may disappear in the next 30 years.

The ministry explained that the project, which was also a pledge made by President Moon Jae-in during his campaign, is intended to combat the decline of cities and towns. A total of 50 trillion won ($46.5 billion) will be spent by the government over the next five years.

One of the key elements of the project is to create hubs for local start-ups.

Infrastructure that can provide public services and housing for young people as well as incubating space for start-ups will be built in some 100 areas, according to the government.

In particular, the government is looking to turn state-owned land or buildings and dilapidated government offices into incubating centers for local start-ups.

An aerial view of the Seoul Biohub in Hongneung, Seoul. (Photos: SMG)