Gangwon Chuncheon Confirmed as a 'Small Giant R&D Special Zone'

BIO+ Innovation Cluster, Specialized in Bio-Pharmaceutical New Materials

Photo materials [Asia Economy DB]

[Asia Economy Reporter Ra Young-cheol] The designation of the 'Gangwon Chuncheon Small Giant Research and Development Special Zone' has been finalized through the final review and resolution of the National Research and Development Special Zone Committee.

As a result, the Chuncheon area will be able to foster a small giant special zone in the field of 'bio-pharmaceutical new materials.'

With the designation of the Small Giant Research and Development Special Zone, 23 billion KRW (16 billion KRW from the national government and 7 billion KRW from local governments) will be provided over five years for technology commercialization funds, and research institutes and related companies within the special zone will also receive national and local tax reduction benefits.

The province has been promoting technology development and technology transfer at Gangwon National University, and has been advancing technology demonstration, commercialization, and advancement in three backing spaces (Hupyeong General Industrial Complex, Geodu Agricultural and Industrial Complex, and Namchuncheon General Industrial Complex District 1).

Chuncheon has been fostering the life and health industry sector since the mid-1990s, but the regional industry through technology commercialization in the bio field has been stagnant due to the nationwide generalization of bio capabilities.

Choi Moon-soon, Governor of Gangwon Province, said, "Above all, it is meaningful that the special zone designation was made quickly through close cooperation between institutions," adding, "In Chuncheon, which is fostering the bio sector as a strategic industry, the bio industry is expected to firmly establish itself as a growth engine."