Passed Comprehensive Evaluation by Ministry of Science and ICT
Aiming for 35 Research Institute Companies and 105 Technology Transfers
Chungnam Province is accelerating its efforts to establish the Cheonan-Asan Small and Medium-Sized Specialized Zone as a hub for innovation in the future vehicle electronic component industry.
On May 22, Chungnam Province announced that the Cheonan-Asan Specialized Zone had passed the Ministry of Science and ICT’s “Comprehensive Evaluation of the Second-Phase Specialized Development Project Plan,” thereby securing 10 billion KRW in national funding over the next five years starting next year.
The second-phase project will have a total budget of 20 billion KRW, including 10 billion KRW in local government funding, which matches the amount of national funding.
The province plans to focus on advancing its regional strategic industry, namely “future mobility electronic component technology,” in order to secure new growth engines for the local industry and strengthen the foundation for becoming a global hub of technological innovation.
This comprehensive evaluation by the Ministry of Science and ICT targeted six specialized zones designated in 2020 out of a total of 14 nationwide. The evaluation comprehensively assessed the achievements of the first-phase projects and the potential for further specialized development, determining eligibility for entry into the second-phase project and national funding support.
The Cheonan-Asan Specialized Zone’s core technology institution is the Korea Automotive Technology Institute. Designated in August 2020, the zone has focused on next-generation automotive components since 2021, actively promoting technology commercialization through the establishment of research institute companies and startups, as well as technology transfers.
From 2021 to last year, the zone’s development project achieved the following results: 33 research institute companies, 49 startups, 107 cases of technology transfer, 2.7 billion KRW in private investment, and cumulative sales of 81.1 billion KRW. In the key performance indicators for this evaluation, the zone achieved more than 120% of its targets.
With the vision of “activating the future mobility electronic component industry ecosystem,” the Cheonan-Asan Specialized Zone will implement the second-phase project to establish a market demand-based virtuous cycle for technology commercialization. The project will focus on advancing the foundation for technology startups, expanding technology transfer and commercialization, and supporting companies’ entry into global markets.
The project goals include: 35 research institute companies, 55 startups, 105 cases of technology transfer, 5 billion KRW in investment linkage, and 239 billion KRW in sales.
A provincial official stated, “This second-phase project is not simply a continuation of the specialized zone initiative, but a decisive turning point that will firmly establish a region-led technology commercialization ecosystem and enable Chungnam to become a global hub for the future vehicle electronic component industry. We will continue to focus our administrative capabilities on creating a sustainable innovation ecosystem and laying the foundation for future industries.”
Meanwhile, the Cheonan-Asan Specialized Zone plans to strengthen its strategic preparations to successfully transition to the third-phase “self-sustaining operation system” scheduled for 2031. This will involve establishing an investment circulation structure centered on the core technology institution, building a foundation for private sector cooperation, and ensuring its position as a sustainable regional innovation hub in the mid- to long-term.
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