Regulatory Free Zones as Regional Innovation Clusters... Ministry of SMEs and Local Governments Join Hands

Nationwide Meeting of 14 Cities and Provinces and the 'Special Zone Council' on the 26th
Seeking Cooperation Plans for Establishing Key Special Zone Policies in the Second Half of the Year

The Ministry of SMEs and Startups is focusing on partnering with local governments to transform regulatory free zones into regional innovation clusters.

Oh Young-joo, Minister of SMEs and Startups, is speaking while presiding over the 1st Regulatory Sandbox Deliberation Committee meeting of 2024 held on April 16 at the Seoul Government Complex Annex in Jongno-gu.
[Photo by Yonhap News]

On the 26th, the Ministry announced that it held the '1st Ministry of SMEs and Startups-Local Government Special Zone Council' at the main conference room of the Korea Chamber of Commerce and Industry in Seoul with 14 cities and provinces nationwide.

This council was organized to strengthen communication between the Ministry and local government officials in charge of regulatory free zones, helping special zone companies successfully establish innovative technologies and business models, and grow into representative regional innovation clusters.

During the council, they explored cooperation plans between the Ministry and local governments for establishing key policies for the special zones in the second half of this year. They also exchanged opinions on building demonstration promotion teams for new special zones and promoting overseas cooperation bases through global innovation special zones.

A local government official said, "It was a meaningful opportunity to share the achievements of special zones in other regions. We will strive to ensure the smooth implementation of plans and achievement of results in the currently operating special zones and work together to promote the institutional development of regulatory free zones."

Officials in charge of the globally designated innovation special zones for the first time this year stated, "We expect achievements in global expansion through overseas demonstrations and international joint research and development (R&D), but there are various difficulties in cooperating with overseas partners. If the Ministry actively supports overseas cooperation related to global certification bodies and research institutions in the future, it would be a great help."

In response, Kim Hong-ju, head of the Special Zone Innovation Planning Group at the Ministry, said, "We will develop customized programs tailored to the characteristics and needs of each regional special zone, linking infrastructure and technology development support to companies, thereby fostering the growth and development of companies within the special zones to become the foundation of regional development. To strategically and systematically support regulatory free zones, we will regularize consultations with local governments and continuously collaborate with special zones under other ministries, such as economic free zones, to further strengthen the strategic cooperative relationship between the Ministry and local governments."