Selected as Social Economy Innovation Town Operators in 2020: Daejeon, Daegu, and Chungnam

A Total of 28 Billion KRW Invested Over 3 Years Per Town

[Asia Economy Reporter Moon Chaeseok] This year, Daejeon Metropolitan City, Daegu Metropolitan City, and Chungcheongnam-do have been selected as operators of the Social Economy Innovation Town project.

The Ministry of Trade, Industry and Energy announced on the 27th that it held a review committee meeting at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, and decided these three cities and provinces as operators of this year's Social Economy Innovation Town development project.

The Ministry has been promoting the Social Economy Innovation Town project since last year to support the full-cycle growth of enterprises through the clustering of social economy support organizations.

The Innovation Town is designed to enable local communities to lead and solve various regional social issues, with a total of 28 billion KRW invested over three years per town.

Last year, pilot projects were established in Gunsan City, Jeollabuk-do, and Changwon City, Gyeongsangnam-do, and this year, through a local government competition, Dong-gu in Daejeon, Buk-gu in Daegu, and Cheongyang in Chungnam were additionally selected.

The selected local governments conducted feasibility studies on their own, including demand from resident companies, site analysis, economic feasibility, and expected effects. The submitted project plans will be implemented reflecting the review committee's supplementary opinions.

The first-year project budget allocated this year will be used for design fees and partial remodeling costs. The Ministry and the managing institution, Korea Institute for Advancement of Technology, will monitor the progress going forward.

Kim Yong-chae, Director of Regional Economic Policy at the Ministry of Trade, Industry and Energy, said, "The number of Innovation Town construction areas has expanded from two last year to three local governments this year, giving momentum to the policy for building a social economy ecosystem." He added, "Innovation Towns will contribute to the spread of social value through establishing co-prosperity relationships with local industry stakeholders, in addition to direct effects such as the settlement of enterprises and support organizations and employment of residents."

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