Launch of 'Global Innovation Zone Legal Support Group' on the 24th
Four law firms selected: Taepyeongyang, Sejong, Robex, Hansu
On the 24th, the Ministry of SMEs and Startups announced that it held the launch ceremony of the ‘Global Innovation Zone Legal Support Group’ at SpaceShare Seoul Jungbu Center, which provides legal advice to companies in the global innovation zones and systematically manages legal risks and demonstrations related to overseas business.
Oh Young-joo, Minister of SMEs and Startups (center), is taking a commemorative photo with local government officials, regional industry-academia-research representatives, and special zone company leaders at the launch ceremony of the Global Innovation Special Zone held at Lotte Hotel Seoul on May 21. Photo by Ministry of SMEs and Startups
The Legal Support Group was selected through an open bidding process and consists of four law firms: Taepyungyang, Sejong, Robex, and Hansu.
Taepyungyang will establish product standards related to the direct current industry in the Jeonnam Direct Current Industry Global Innovation Zone and safety standards for carbon capture equipment in the Busan Next-Generation Marine Mobility Global Innovation Zone.
Sejong and Hansu will prepare standards and procedures for the export and utilization of health checkup data from the National Health Insurance Service in the Gangwon AI Healthcare Global Innovation Zone, as well as clinical research protocols for the Chungbuk Advanced Regenerative Bio Global Innovation Zone.
Robex will develop comprehensive security measures throughout the entire process?from planning to commercialization?to prevent technology leakage and intellectual property (IP) infringement for companies in the global innovation zones. This includes identifying security issues, creating security manuals for overseas bases, and mitigating risks in overseas business by analyzing foreign contracts for toxic clauses and host country laws.
Additionally, the Legal Support Group will provide legal services to resolve legal complaints from zone companies and will sequentially hold regulatory seminars for each zone. They also plan to compile a list of laws and regulations for newly selected global innovation zones next year.
The Global Innovation Zones have support systems focused on overseas business such as overseas demonstrations and international joint research and development (R&D) for advanced products and services aiming for global expansion. Therefore, blocking unforeseen legal risks during collaboration with foreign companies, universities, and research institutes is considered critically important.
Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, said, “Through the activities of the Legal Support Group, we expect an environment where companies in the global innovation zones can focus on global expansion with peace of mind, and that demonstration results will quickly lead to institutional improvements.”
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