Gwangyang Economic Zone Authority Explores Activation Plans for Innovation Ecosystem of Companies in Gwangyang Bay Area

2022 2nd GFEZ Innovation Growth Council Meeting Held

[Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik] The Gwangyang Bay Area Free Economic Zone Authority (Commissioner Song Sang-rak, hereinafter GFEZ Authority) announced that it held the 2nd GFEZ Innovation Growth Council (hereinafter the Council) on November 16 in Yeosu, together with the Jeonnam Regional Project Evaluation Group (Director Hwang In-seop).

The Council is composed of 13 members from industry, academia, research institutes, and government, including Chairman Lee Kyung-hoon (Head of Yeosu Industry-Academia Cooperation Headquarters at Chonnam National University), to discuss ways to revitalize the ecosystem such as enhancing corporate vitality and innovative growth through collaboration among resident companies in the Gwangyang Bay Area, research institutions, and academia (list attached).

This meeting proceeded in the order of ▲ expert special lecture ▲ 2022 innovation ecosystem creation project performance and next year’s plan ▲ report on action plans for key contents of the 1st Council ▲ discussion on ways to activate the innovation ecosystem.

Since being selected in February by the Ministry of Trade, Industry and Energy for the "2022 Free Economic Zone Innovation Ecosystem Creation" public project, the GFEZ Authority has been promoting the establishment of an innovation cluster and strengthening the capabilities of resident companies with a total project cost of 430 million KRW, including national subsidies.

As a result, it has supported commercialization, technology support, and specialized consulting in three fields with 10 programs for 47 companies, helping to strengthen the competitiveness and innovative growth of companies residing in the Free Economic Zone.

Furthermore, in October, a communication council for resident companies and industry-specific research meetings were held with the participation of over 30 institutions from industry, academia, research, and government, providing tailored consulting such as ESG management special lectures for strengthening corporate competitiveness, listening to corporate difficulties, technology doctors, and expert mentoring.

Jung Chan-gyun, Head of the GFEZ Authority, said at the meeting, "We will actively support the activation of the innovation ecosystem through regulatory innovation and marketing enhancement based on corporate demand so that the Gwangyang Bay Area can establish itself as a mecca for new growth industries such as functional chemicals, secondary batteries, and the hydrogen industry."

The GFEZ Authority plans to actively address issues by identifying suggestions, current issues, and difficulties proposed at this Council and recommending institutional improvements to the central government.

Asia Economy Honam Reporting Headquarters, Reporter Heo Seon-sik hss79@asiae.co.kr