Collaboration Opportunities Open for Foreign Universities in Economic Zones Including Utah University

Enforcement of the Revised Industry-Academia Cooperation Act from the 25th
Foreign Universities Included as Industrial Education Institutions

A panoramic view of Songdo International City in Incheon Free Economic Zone. (Photo by Incheon Free Economic Zone Authority)

[Asia Economy Reporter Moon Chaeseok] Foreign higher education institutions such as the University of Utah located in the Incheon Free Economic Zone can now be included as industrial education institutions. It is expected that industry-academia cooperation between domestic companies and foreign universities within the Free Economic Zone will increase.

The Ministry of Trade, Industry and Energy announced on the 24th that the amendment to the "Act on the Promotion of Industrial Education and Industry-Academia Cooperation," which includes foreign universities within the Free Economic Zone as industrial education institutions, will take effect from the 25th.

Once the amended law is enforced, foreign universities within the Free Economic Zone will be able to establish industry-academia cooperation foundations and provide education for industries.

The Ministry expects that this will greatly contribute to nurturing specialized talent needed for future industries, developing, disseminating, and commercializing knowledge and technology essential for industrial development, thereby benefiting local communities and national progress.

Five foreign universities located at the Incheon Global Campus within the Incheon Free Economic Zone?including the University of Utah, State University of New York at Stony Brook, State University of New York College of Technology at Fashion Institute, George Mason University, and Ghent University?are already preparing to launch industry-academia cooperation foundations in line with the law’s enforcement.

They are preparing entrepreneurship education programs related to the specialized fields of the foreign universities and vocational education programs linked with local companies.

Specifically, the University of Utah has decided to open the Biomedical Entrepreneurship Education Program (CMI), which is offered at its main campus in the United States, at the Incheon Global Campus and is currently preparing for it.

CMI is a center established to provide startup education specialized in biomedical fields, consulting for successful overseas market entry, and support for FDA approval when entering the U.S. market.

The State University of New York and George Mason University plan to launch their industry-academia cooperation foundations next month and in November, respectively, while Ghent University plans to do so in the first half of next year.

Ghent University is consulting with domestic universities in Incheon regarding employee retraining for nearby bio companies and food development utilizing biotechnology.

The other universities are also preparing industrial education programs based on their unique characteristics and expertise.

An Seong-il, head of the Free Economic Zone Planning Division, said, "Although foreign universities have been recognized for their research excellence, they have faced restrictions in industry-academia cooperation activities compared to domestic universities. We hope that with the enforcement of this law, foreign universities will contribute to building an innovative ecosystem for industry-academia cooperation by utilizing their excellent human resources, technology, and main campus networks."

Current Status of Industry-Academia Cooperation at Foreign Higher Education Institutions in Incheon Free Economic Zone. (Source: Ministry of Trade, Industry and Energy)

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