"Industrial Complex Company Regulations, One-Stop Solution"

Korea Institute for Advancement of Technology and Korea Industrial Complex Corporation Join Hands
"Free Expert Consulting for Tenant Companies Facing Regulatory Difficulties"

[Asia Economy Reporter Moon Chaeseok] The Korea Institute for Advancement of Technology (KIAT) and the Korea Industrial Complex Corporation (KICOX) signed a business agreement on the 12th to address regulatory difficulties faced by companies located in industrial complexes. This is to strengthen the technological competitiveness of manufacturing companies struggling due to the impact of the novel coronavirus disease (COVID-19).

According to the two organizations, under this agreement, KICOX will conduct surveys on regulatory difficulties targeting resident companies to discover regulatory sandbox projects. KIAT will provide expert consulting free of charge to companies for the discovered projects. The Industrial Convergence Regulatory Sandbox is a system that exempts or defers related regulations so that companies' creative and innovative ideas can be quickly launched into the market.

KIAT has been operating the Industrial Convergence Regulatory Sandbox since January last year. According to KIAT, as of this day, more than 180 cases of demonstration exceptions and rapid confirmation measures, including 6 temporary permits, have been implemented.

Since last year, KICOX has been selecting small and medium-sized enterprises facing difficulties entering new businesses through the 'Shipbuilding and Marine Software Convergence Cluster Project' and supporting their regulatory sandbox applications. They have implemented 2 rapid confirmations and 4 demonstration exceptions.

The two organizations announced plans to expand the support scope to all jurisdictional industrial complexes nationwide based on this agreement.

Seok Young-cheol, President of KIAT, said, "This provides an opportunity for companies to get closer to the regulatory sandbox regardless of their location," and added, "We will actively link this with other KIAT projects supporting small and medium-sized enterprises to create synergy."

Kim Jeong-hwan, Chairman of KICOX, stated, "We will do our best to contribute to resolving difficulties of resident companies by expanding regulatory sandbox support and to revitalize the manufacturing industry weakened by COVID-19."

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