KICOX-KIAT Join Hands for One-Stop Regulatory Solutions for Industrial Complex Tenants

Providing Free Expert Consulting Opportunities to Resident Companies Facing Regulatory Difficulties

On the 12th, at the Korea Technology Center in Gangnam-gu, Seoul, the Korea Industrial Complex Corporation (Chairman Kim Jeonghwan) and the Korea Institute for Advancement of Technology (President Seok Youngcheol) signed a business agreement to resolve regulatory difficulties faced by companies in industrial complexes and to strengthen technological competitiveness.

[Asia Economy Reporter Kim Cheol-hyun] Korea Industrial Complex Corporation (Chairman Kim Jeong-hwan, hereinafter referred to as KICOX) announced that it signed a "Business Agreement for Resolving Regulatory Difficulties and Strengthening Technological Competitiveness of Industrial Complex Resident Companies" with the Korea Institute for Advancement of Technology (President Seok Young-cheol, hereinafter KIAT) on the 12th at the Korea Technology Center in Gangnam-gu, Seoul.

This agreement was made to revitalize manufacturing companies weakened by the novel coronavirus disease (COVID-19) and to support the growth of companies residing in industrial complexes by resolving regulations. According to the agreement, KICOX will conduct surveys on regulatory difficulties targeting resident companies to discover regulatory sandbox projects, and KIAT will provide expert consulting opportunities free of charge for the discovered projects.

The Industrial Convergence Regulatory Sandbox is a system that exempts or postpones related regulations so that companies' creative and innovative ideas can be quickly launched into the market. According to KIAT, which has been operating the industrial convergence regulatory sandbox since January last year, as of the 12th, more than 180 cases of demonstration exceptions and rapid confirmation measures, including 6 temporary permits, have been implemented.

Since last year, KICOX has been supporting small and medium-sized enterprises facing difficulties in the shipbuilding industry crisis and new business entry through the "Shipbuilding and Marine Software Convergence Cluster (Ulsan) Project" by assisting in applying for the regulatory sandbox, and plans to expand the support scope to all jurisdictional industrial complexes nationwide based on this agreement.

Kim Jeong-hwan, Chairman of KICOX, said, "We will contribute to resolving difficulties of resident companies by expanding regulatory sandbox support and fulfill the corporation's role to revitalize manufacturing weakened by COVID-19."

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