46 Business Spaces, 22 Startup Incubation Center Rooms
283 Billion KRW Project Cost, Completion Scheduled for November 2023
Construction of the Jinhae Public Rental Knowledge Industry Center in Changwon-si, Gyeongnam, began on the 7th.
[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] The groundbreaking ceremony for the Jinhae Public Rental Knowledge Industry Center in Changwon, Gyeongnam, was held on the 7th.
Changwon City is establishing a public rental knowledge industry center in the Jinhae Advanced Industrial Research Complex, located on the former site of the Jinhae Army College, to provide business spaces for technology-innovative startups and venture companies.
The groundbreaking ceremony was attended by about 150 people, including Heo Seong-mu, Mayor of Changwon Special City, Kim Ha-yong, Chairman of the Provincial Council, Gu Ja-cheon, Chairman of the Changwon Chamber of Commerce and Industry, Lee Jeong-hwan, Director of the Korea Institute of Materials Science, provincial and city council members, young entrepreneurs, and the Jinhae-gu Merchants Association.
The public rental knowledge industry center is a government public project aimed at creating business spaces with low rent and tax benefits for small and medium-sized enterprises (SMEs) outside the metropolitan area, in response to the concentration of private knowledge industry centers in the metropolitan area, and to create jobs.
Changwon City applied for the Ministry of SMEs and Startups’ public contest to resolve location difficulties faced by SMEs due to continuous increases in factory site prices and various regulations, and to foster strategic industries such as the materials industry, and was finally selected in December 2018.
A total project cost of 28.3 billion KRW, including 16 billion KRW in national funds, will be invested, and construction of the knowledge industry center will begin with a target completion date of November 2023.
The building will have one basement floor and six above-ground floors, with a total area of 12,074 square meters, including 46 company office spaces, 22 startup incubation center rooms, conference rooms, coworking spaces, and a convention hall.
It will serve as a space to promote company relocation and startups by offering affordable rent to SMEs with insufficient initial capital and to build business networks.
Among these, the startup incubation center will provide comprehensive startup support such as technical support, network support, and funding to prospective entrepreneurs, and will promote collaboration and convergence among industries.
A city official anticipated that the operation of the knowledge industry center would have an economic ripple effect of 55.9 billion KRW in production inducement, 18.1 billion KRW in added value inducement, and employment inducement of 348 people.
Following the Jinhae Public Rental Knowledge Industry Center, research institutions such as the Korea Institute of Materials Science, the Small and Medium Shipbuilding Research Institute, and the Agency for Defense Development are expected to move into the Jinhae Advanced Industrial Research Complex.
A platform for the advancement of small and medium-sized special ships, a power unit smart manufacturing center and commercialization support center, a metal materials demonstration testbed, and an Energy Park will also be established.
The Yeojwa National Sports Center, Integrated Jinhae Middle School, Yeojwa-dong Administrative Welfare Center, and National Health Insurance Corporation will also be located in the area.
A local resident who participated in the groundbreaking ceremony said, “The living conditions in the western Jinhae area, which had been stagnant for a long time, seem likely to change dramatically.”
A city official said, “With maximized synergy among research institutions, it will become a base of innovation leading the future advanced industry development.”
Mayor Heo Seong-mu said, “Job creation through high-quality research resources and startup personnel will be the driving force for revitalizing the local economy,” and added, “The western Jinhae area is expected to lead a major transformation in the development of Changwon Special City and leap forward as the nation’s top regional innovation research city.”
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