Ministry of SMEs and Startups Moves to Establish 'Global Innovation Zones'... "Support Measures to Be Implemented Without Delay"

Global Innovation Zone Meeting in Chungbuk Held on the 25th
Continuous Discovery of Global Cooperation Partners Planned

The Ministry of SMEs and Startups (MSS) reiterated its commitment to applying negative regulations and supporting overseas expansion to establish the Chungbuk Global Innovation Special Zone.

The above photo is not related to the article. [Photo by Pixabay]

On the 25th, MSS inspected the facilities and preparation status of the Osong Advanced Medical Industry Promotion Foundation within the Chungbuk Global Innovation Special Zone and held a meeting to hear the on-site voices of advanced regenerative bio venture companies.

At the meeting, Lim Jeong-wook, Director of the Startup Venture Innovation Office at MSS, explained, “We will steadily implement the comprehensive application of negative regulations that allow demonstrations using new technologies in principle, except for explicitly listed restrictions and prohibitions, the introduction of a rapid temporary approval system, risk and performance management through governance involving the government, local governments, and the private sector, and support for international cooperation, overseas demonstrations, and joint research and development (R&D) based on solidarity and cooperation.”

In particular, since domestic demonstrations in the advanced regenerative bio field are difficult due to social and ethical issues, MSS plans to support cluster residency, joint R&D, and open innovation in connection with Shonan iPark, a Japanese bio cluster with which it has already established a cooperative system. It will also continue to discover global cooperation partners, including European bio clusters.

Director Lim stated, “We will operate a government-local government-private sector consultative body to regularly monitor the operation status of the special zone, proactively respond to risk factors, and promptly resolve any issues that arise. We will nurture the Global Innovation Special Zone into a K-Global Cluster that can stand shoulder to shoulder with global innovation clusters, making it a new momentum for regional economic revitalization and a platform of opportunity for venture companies to challenge new markets.”

The Global Innovation Special Zone is a Korean-style innovation cluster where negative regulations and global standards such as demonstration, certification, approval, and insurance are applied to develop new products and services in advanced fields and to support overseas expansion. Chungbuk, centered on Osong, is a region praised by experts for its development potential and the local government's strong will to promote projects, as it has infrastructure capable of supporting all stages from basic research to commercialization.

Attending the meeting were Director Lim, Jeong Seon-yong, Vice Governor of Chungcheongbuk-do, the head of the Chungbuk Free Economic Zone Authority, the chairman of the Osong Advanced Medical Industry Promotion Foundation, the director of Chungbuk National University Hospital, the chairman of Bestian Hospital, and seven advanced regenerative bio venture companies including ToolGen and HK inno.N.

Before the meeting, Chungcheongbuk-do, Osong Advanced Medical Industry Promotion Foundation, Chungbuk National University Hospital, Bestian Hospital, Chungbuk Creative Economy Innovation Center, Chungbuk Bio Industry-Academic Convergence Center, and Chungbuk Technopark held a business agreement ceremony among related organizations of the Chungbuk Global Innovation Special Zone. The agreement mainly included mutual cooperation plans for building domestic and global demonstration environments, supporting global expansion and investment, and attracting companies.