Designation of Innovation Research Labs for Materials, Components, and Equipment at Key Universities in 5 Regional Zones

Ministry of Industry Announces SoBuJang Innovation LAB Project... 24.3 Billion KRW Support Over 3 Years

[Asia Economy Reporter Moon Chaeseok] The government will designate regional hub universities in five zones as Innovation Labs for materials, parts, and equipment.

On the 7th, the Ministry of Trade, Industry and Energy announced that it will select regional hub universities for materials, parts, and equipment in five zones?Capital area, Chungcheong & Gangwon area, Honam & Jeju area, Gyeongbuk area, and Gyeongnam area?and support research and development (R&D) needed by local companies through the "Materials, Parts, and Equipment Innovation LAB Technology Development Project."

The project is newly launched this year to foster the materials, parts, and equipment industry linked to regionally specialized industries.

Each zone’s key focus area and hub university will be designated as Innovation LABs, supporting technology transfer-based R&D and customized human resource development.

A total of 24.3 billion KRW will be invested over three years, supporting about three projects per each of the five Innovation LABs. This year, approximately 15 projects will be supported with about 300 million KRW per project.

Previously, based on regional industry-academia-research demand surveys, experts discussed policy consistency, industry-academia demand, and regional infrastructure, followed by an online public hearing to select key focus areas for each zone.

The Capital area focuses on semiconductors, Chungcheong & Gangwon on displays, Honam & Jeju on electrical and electronics, Gyeongbuk on automobiles, and Gyeongnam on machinery and metals.

Universities selected for the Innovation LAB project will support demand-driven R&D by transferring technologies they already possess to participating companies to develop commercialization technologies. Selected universities may also provide personnel such as technical advisors to companies.

Regarding the key focus areas, the scope of supported companies has been expanded to include not only participating companies but all materials, parts, and equipment companies within the zone.

Universities wishing to be selected as Innovation LABs can apply by forming about three joint R&D projects with materials, parts, and equipment companies within the zone in the key focus areas.

The announcement period is from today until the 7th of next month. After the Innovation LAB selection process next month, the project will be fully launched.

The Ministry of Trade, Industry and Energy will invest 703.2 billion KRW in materials, parts, and equipment technology development this year, planning to execute more than 80% of the budget in the first half of the year.

In the second half, more than 60 billion KRW will be additionally supported to resolve technical difficulties of root companies that form the foundation of the materials and parts industry and to discover cooperation models between demand and supply companies.

An official from the ministry said that through the Innovation LAB project, "We will strengthen support to establish regional specialized hubs for the materials, parts, and equipment industry and contribute to enhancing regional innovation capabilities and balanced development."

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