Pohang City, 'Future New Growth Industry Hub'! Steady National Funding Secured... 207.6 Billion KRW Secured in First Half

Green Bio Venture Campus.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Pohang City, Gyeongbuk, is establishing itself as a leading city in the ‘future food industry’ by achieving remarkable results in central government ministry public contests this year.

From January to May this year, the city secured 14 projects in government contests in the future new growth industry sector, obtaining 207.6 billion KRW in national funds in the first half of the year alone. Riding on consecutive contest selections, Pohang is accelerating the promotion of locally led future industries in line with the new government’s national agenda implementation.

The finally selected projects include 14 projects in three major fields: ▲ ICT-based data industry development ▲ Bio-health cluster establishment ▲ Next-generation robot and new material industry development. Through meticulous prior preparation, these projects achieved recognition of Pohang’s competitiveness as a future new growth industry hub in terms of project feasibility, technical capability, and execution will.

Looking at the major projects by field, the ‘Ministry of Land, Infrastructure and Transport Smart City Challenge Main Project’ in the ICT-based data industry sector is a project to solve various urban problems such as transportation, energy, and safety. It secured 10 billion KRW in national funds to build a ‘citizen-experienced transportation and safety network’ including road surface sensing services and crime prevention CCTV stored video search services.

In the bio-health industry sector, the ‘Green Bio Venture Campus Construction Project (national funds 16.1 billion KRW)’ was also finally selected to foster specialized companies related to green bio, which has recently attracted attention with smart agriculture and alternative foods. Based on differentiated growth strategies and already established infrastructure, it will serve as a base for nurturing ventures leading the green bio industry in the future.

Next, the selected ‘Structural-based Vaccine Technology Commercialization System Construction Project (national funds 10 billion KRW)’ is a project to establish a rapid response system for infectious diseases through next-generation therapeutics and new drug research and development. It is expected to lay the foundation for creating a ‘Pohang-type’ bio-health cluster, including attracting related demand companies.

In the next-generation robot industry sector, the ‘EV Battery Pack Disassembly Automation Technology Development Project (national funds 6.9 billion KRW)’ was finally selected. It aims to preempt the waste battery recycling market using robots in preparation for the recent spread of electric vehicles and the rapid increase in battery usage. In the new material industry sector, the ‘Quantum-based Nanomaterial Technology Development Project (national funds 17.2 billion KRW)’ was finally selected and plans to lead the securing of ‘quantum’ core technology, one of the nation’s top 10 strategic technologies, and the establishment of a world-class research hub.

Additionally, projects such as the ‘Wide Bandgap Material-based Vehicle Power Semiconductor Manufacturing Process Construction Project (national funds 9.2 billion KRW)’, ‘Industry-Academia-Research Cooperation Leading University Development Project (national funds 69 billion KRW)’, and ‘Accelerator Specialist Training and Utilization Support Project (national funds 21.2 billion KRW)’ were also finally selected. These projects received excellent evaluations from related experts due to their high potential for creating future new demand and strong linkage with other promising industries.

The ‘Hydrogen Fuel Cell Power Generation Cluster Construction Project’, expected to expand the global hydrogen fuel cell market and strengthen the hydrogen ecosystem competitiveness, was reflected in the new government transition committee’s national agenda in May and is awaiting the announcement of the preliminary feasibility study review results in the second half of the year.

Acting Mayor Jang-sik Lee said, “Our proactive planning and preemptive response in the future new growth industry sector in line with national policies seem to be bearing fruit in securing national funds. As we are firmly establishing a new food industry foundation, we will diligently promote the selected projects to achieve early results.”

Pohang City is focusing all efforts on administrative procedures such as investment reviews and follow-up supplementation to continuously select public contest projects and is concentrating all administrative power to secure ‘unprecedented’ national funds to support the new government’s national agenda.