31.7 Billion KRW in National Funding to Be Provided Until 2029
The 'Strategic Technology Regional Innovation Engine Project' is set to be fully launched in Jeonbuk Special Self-Governing Province and Chungcheongbuk-do.
On April 29, the Ministry of Science and ICT announced that it will begin the 'Strategic Technology Regional Innovation Engine Project,' a program designed to move away from centrally-led regional research and development (R&D) and instead enable regions to independently lay the foundation for revitalizing their local economies and industries.
This year, the newly launched Strategic Technology Regional Innovation Engine Project will allow regions to take the lead in analyzing their own circumstances, developing plans to utilize the outcomes of R&D special zones, and establishing investment strategies. The government will then provide support through a reverse-matching system.
In January, the Ministry of Science and ICT announced a project implementation plan targeting metropolitan governments with R&D special zones, committing 31.68 billion KRW in national funding by 2029. After a selection and evaluation process, Jeonbuk Special Self-Governing Province and Chungcheongbuk-do were chosen from among five metropolitan governments.
In Chungcheongbuk-do, Chungbuk National University will take the lead, working with local private companies such as Sejong Bio Co., Ltd., Lapic Co., Ltd., and Sejong Media Co., Ltd. Together, they will build BIO data infrastructure and commercialize BIO-semiconductor technologies, thereby fostering regional innovation companies and talent, and driving the growth of the local bio industry.
The regional innovation engine in Jeonbuk Special Self-Governing Province will be led by the National Institute of Toxicological Research, with participation from local government-funded research institutes such as the Korea Research Institute of Bioscience and Biotechnology, the Advanced Radiation Research Institute of the Korea Atomic Energy Research Institute, and the Korea Basic Science Institute. The project will establish a platform in the advanced bio field, supporting companies with efficacy evaluation, toxicity testing, and non-clinical trials to commercialize advanced bio products. It will also support the attraction of related companies, securing investment, and global expansion.
Lee Eunyeong, Director of Research Performance Innovation at the Ministry of Science and ICT, stated, "The significance of this project lies in shifting from a government-led selection of R&D projects to a system where regions independently determine the fields and investment plans." She added, "We will strive to strengthen the connection and cooperation between central and regional governments to foster self-sustaining regional R&D foundations and enhance regional science and technology innovation capabilities."
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