Goyang City Revitalizes Livelihoods and Cultivates Future Industries... Betting Big on the "Local Circular Economy"

Expanding Youth Basic Income and Goyang Pay for Revitalizing Local Commercial Districts

Supporting Local Business Markets and Investment to Build a Virtuous Local Economic Cycle

Fostering Aerospace and Biotechnology as Core Growth Engines for an Advanced, Self-Sustaining City

Mayor Minkyung Sun: "Committed to Reviving Livelihoods and Nurturing Future Industries"

Goyang Special City in Gyeonggi Province, led by Mayor Minkyung Sun, is taking the initiative to build a “local circular economy,” where production, consumption, and investment continuously take place within the region. The city plans to revitalize the stagnant local economy by expanding youth basic income, the use of local currency, and supporting small businesses, while simultaneously nurturing future industries such as aerospace and biotechnology to establish a self-sustaining city foundation.

The core goal is not just to promote short-term consumption, but to develop a virtuous cycle in which local companies find new markets and investment opportunities, allowing them to found and grow in Goyang and reinvest their achievements into the local community.

Minkyoung Sun, Mayor of Goyang Special City, is delivering a congratulatory speech at the 81st Goyang Economic Forum. Provided by Goyang City

Expanding Youth Basic Income and Goyang Pay... Revitalizing Local Commercial Districts

The city's top priority is revitalizing the local economy in ways citizens can directly feel. Goyang plans to resume the previously suspended youth basic income program and expand both the issuance and incentives related to its local currency, Goyang Pay. By increasing the use of local currency, the city seeks to ensure spending flows into traditional markets and neighborhood stores, rather than large retail chains.

Financial support for small business owners facing liquidity shortages will also be strengthened. In collaboration with the Gyeonggi Credit Guarantee Foundation, the city will provide special guarantees of up to 50 million won per business for small business owners with insufficient collateral.

Alongside financial assistance, efforts to improve the business environment are underway. In the first half of the year, beneficiaries for facility improvement programs were selected, and tailored support was offered for each store. Each business can receive up to 2 million won for the renovation of outdated facilities and for digital transformation projects such as kiosks and table ordering systems. The city also plans to enhance business and marketing capabilities through professional consulting services.

For traditional markets and neighborhood shops, the city will support personnel costs for commercial district managers, improve parking facilities, and pursue modernization projects, aiming to boost the competitiveness of entire commercial districts beyond individual store support.

2026 Startup Audition Goyang IR Day. Provided by Goyang City

Discovering AI, Robotics, and UAM Ventures... Fostering and Reinventing Investment Locally

Goyang City will also establish a system in which products made by local companies are purchased by public institutions and the resulting proceeds are recycled into local consumption and investment.

To achieve this, the city will create a database of local companies, share it with public organizations, and prioritize the participation of these businesses when implementing public projects. For small and medium-sized businesses lacking public procurement experience, education and consulting will be provided.

Investment in growth-stage companies will also be expanded. Building on existing systems such as the Goyang Industry Promotion Agency’s fund, the city will step up investment levels in stages, reinforcing the investment base for local businesses. Promising start-ups and venture companies in future industries—including artificial intelligence (AI), robotics, information and communications technology (ICT), biotechnology, and urban air mobility (UAM)—will be identified and supported with investment, consulting, and investor relations (IR) opportunities. Through these efforts, the city aims to establish a virtuous cycle where the achievements of local enterprises are reinvested within the region.

The local circular economy model will also be applied in the living services sector. Social enterprises and village companies will take part in care services, and job creation programs for seniors will be linked with welfare programs to increase both local employment and social welfare services.

Minkyung Sun, mayor of Goyang Special City (center), is hosting the "Aerospace Industry-Academia Convergence Hub City Vision Declaration Ceremony" on July 6th. Provided by Goyang City.

Aerospace Hub to Be Established in Baekseok... Bringing Industry, Academia, and Research Together

A core pillar of the city’s efforts to foster future industries is focused on aerospace and UAM. Goyang plans to establish the “Aerospace Industry-Academia Convergence Center” in the Baekseok Office Building, a hub supporting company tenancies, R&D, and the training of specialized personnel all in one place.

The center will integrate companies, universities, and research institutes from the fields of UAM, aerospace, and drones. The aim is to foster an industrial ecosystem that covers technology development, start-up incubation, and commercialization, transforming Goyang into the leading hub for next-generation aviation industries in the Seoul metropolitan area.

The city will also take advantage of its proximity to Incheon International Airport and Gimpo Airport. In conjunction with KINTEX, an exhibition and convention facility, efforts will be made to increase international events and promote exchanges among future aviation enterprises.

Minkyung Sun, Mayor of Goyang Special City, visiting the National Cancer Center. Photo by Goyang City

Establishing a Medical-Bio Ecosystem by Linking Seven Major Hospitals

In the medical bio sector, a cooperative network will be created that links seven major hospitals in the area—including the National Cancer Center, National Health Insurance Service Ilsan Hospital, and Dongguk University Ilsan Hospital—with Dongguk University Bio-Medical Campus (BMC), to enhance R&D and attract more companies.

The aim is for hospitals, universities, businesses, and research institutes to collaborate in R&D and connect these efforts to business attraction and start-up creation. Clinical expertise and data accumulated on the medical frontlines will be industrialized to strengthen competitiveness in precision medicine and digital healthcare.

International cooperation will also be expanded. Leveraging the partnership between the world-class National Cancer Center and Luxembourg Institute of Health (LIH), the city plans to increase joint research and, through the LIH Korea Office, further bolster collaboration in AI-based health data research and precision medicine.

Meanwhile, at the 81st Goyang Economic Forum held on July 8, the city collected opinions from entrepreneurs, industry leaders, university officials, and research institutions. Participants discussed strategies for improving the business environment, expanding supportive policies, strengthening industrial infrastructure, attracting investment, and sharing employment information. Goyang plans to review the proposals made during the forum and reflect them in future local economic policies.

Mayor Minkyung Sun stated, "We will lay the foundation for local economic recovery by resuming youth basic income and the Goyang Pay project, which are directly connected to citizens' livelihoods. We are committed to strengthening the city’s competitiveness by establishing a local circular economy that connects production, consumption, and investment within the community."

This content was produced with the assistance of AI translation services.