Ministry of Land, Infrastructure and Transport Provides Total of 300 Million KRW Support for Outstanding Innovation City Development Projects
[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport announced on the 22nd that it will select outstanding projects from the 'Comprehensive Development Plan for Innovation Cities (2018~2022)' and provide a total of 300 million KRW in project planning funds.
The Comprehensive Development Plan for Innovation Cities aims to foster innovation cities as regional growth hubs, containing tailored development tasks for nurturing specialized industries by innovation city, improving residential conditions, and promoting win-win development with old downtown areas by 2022.
The Ministry of Land, Infrastructure and Transport previously selected six outstanding projects through a public contest and evaluation. A total of 300 million KRW in planning funds will be provided to the selected projects.
It is expected that local governments selected as outstanding projects will be able to further enhance the completeness of detailed project plans by utilizing the supported planning funds.
The selected projects include the establishment of the Next-Generation Electric Power Equipment Intelligence Support Center in Gwangju and Jeonnam, the development and demonstration project of core digital grid devices, the establishment of a bio-material development foundation in Gyeongbuk, the creation of a smart city energy innovation ecosystem and global cooperation support system in Chungbuk, the construction of the Dream Jarum Center in Jeju, and the creation of the Wanju Social Goods Innovation Park linked to innovation cities in Jeonbuk.
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Lee Daeseop, Director of the Innovation City Policy Division at the Ministry of Land, Infrastructure and Transport, said, "We plan to expand support for planning funds so that the achievements of innovation cities can become visible through regional economic hubs," adding, "We will continue to monitor and support the progress of projects by innovation city and accelerate the promotion of Innovation City Season 2."
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