Gyeongnam Baek Hospital and Others Lead Regional Technology Commercialization Initiatives

[Asia Economy Reporter Hwang Junho] The government is set to officially launch six Small Giant Special Zones projects aimed at regional-led technology commercialization. In Gyeongnam, technology commercialization centered on medical devices will be led by Paik Hospital, while in Jinju, Gyeongnam, technology commercialization reflecting the demands of Korea Aerospace Industries will take place.

The Ministry of Science and ICT announced on the 11th that it has established customized regional technology commercialization strategies and notified the regions accordingly. The Small Giant Special Zones are a new R&D special zone model that aims to serve as small-scale, high-density public technology commercialization hubs centered on core institutions with excellent innovation capabilities. The government designated six Small Giant Special Zones last August.

This year, the government will allow regions to allocate approximately 7.2 billion KRW (6 billion KRW national funds, 1.2 billion KRW local funds) assigned to each special zone, maximizing the distinctiveness of each zone. For example, the Gimhae, Jinju, and Pohang Small Giant Special Zones will operate based on public-private win-win cooperation through collaboration with local private demand entities (large corporations, etc.). The Changwon, Ansan, and Cheongju Small Giant Special Zones will match local technology commercialization support institutions at every stage of technology commercialization to advance R&BD quality and take the lead in the Small Giant Special Zones.

Lee Chang-yoon, Director of Science and Technology Job Innovation, stated, "The very act of bringing together regional innovation stakeholders to deliberate on fostering distinctive Small Giant Special Zones is highly meaningful for the development of regional science and technology capabilities." He added, "Since the strategies were devised locally considering the characteristics and strengths of the Small Giant Special Zones’ locations, we expect responsible and proactive roles from the regions in operating these zones."

The Ministry of Science and ICT will announce the Small Giant Special Zones development project in the third week of this month. A related project briefing session is scheduled for next month. For more details, please check the Ministry of Science and ICT website.

This content was produced with the assistance of AI translation services.