Gyeongbuk Province Secures 391.6 Billion KRW in National Funding for Science and Industry Sector... 48.8% Increase Compared to Previous Year
Investment in Future Industries such as Industrial Complex Overhaul, Steel Industry Revival, and Industrial Hemp
The scene of the 'Smart Manufacturing Innovation 5G Specialized City Creation' business agreement ceremony held at Gumi City Hall, Gyeongbuk, on July 28. Lee Cheol-woo, Governor of Gyeongbuk (second from the left), is performing with Jang Se-yong, Mayor of Gumi (fifth from the left), and officials from KT, LG Uplus, Kumoh National Institute of Technology, and GERI (Gumi Electronics & Information Technology Institute).
View original image[Asia Economy Yeongnam Reporting Headquarters, Reporter Park Dong-wook] Gyeongbuk Province celebrated the securing of 391.6 billion KRW in national funds for the science and industry sector in the Gyeongbuk region in next year's government budget confirmed on the 2nd, signaling a green light for responding to the 4th Industrial Revolution and fostering future growth industries.
According to Gyeongbuk Province on the 9th, compared to this year's government budget, the number of projects increased by 43.1% from 51 to 73, and the budget amount rose by 48.8% from 263.2 billion KRW to 391.6 billion KRW.
Gyeongbuk Province established the Science and Industry Bureau early in Governor Lee Cheol-woo's term to significantly strengthen new growth functions, and has been consecutively selected for various public projects (total project cost about 2 trillion KRW), from the central government's 'DNA + BIG3' innovation growth plan to the recent Korean New Deal project. The substantial increase in national funds for the science and industry sector is due to these selections.
The major projects in the confirmed government budget can be broadly divided into the fields of science and technology innovation and future growth industries.
Science and Technology Innovation Sector ... Industrial Complex Renovation, Small but Strong R&D Special Zones, 5G Testbed Construction Based on Test Networks
In the science and technology innovation sector, 32.4 billion KRW was allocated for the Gyeongbuk Industrial Complex Renovation Project, 10 billion KRW for fostering the Gumi and Pohang Small but Strong R&D Special Zones, and 5.1 billion KRW for building a 5G test network-based testbed.
The Gyeongbuk Industrial Complex Renovation Project is a project to establish a Gyeongbuk-specialized ICT convergence materials and components cluster to revive the electronics industry and foster new future car industries by linking the Gumi National Industrial Complex with the Gimcheon, Chilgok, and Seongju industrial complexes. From next year through 2023, a budget of 997.2 billion KRW will be intensively invested over three years, expected to play a pivotal role in regional economic growth.
The Pohang Small but Strong R&D Special Zone, designated last year, and the Gumi Small but Strong R&D Special Zone, designated in July this year, will each receive a total project cost investment of 36 billion KRW over five years, laying the foundation for region-led innovative growth by establishing regional science and technology hubs.
The 5G test network-based testbed construction project will invest 19.8 billion KRW from last year through 2023 to build a test network at the level of telecommunications companies' networks and provide an open 5G testbed to companies developing 5G convergence products.
Future Growth Industry Sector ... Steel Industry Rejuvenation Technology Development, Eco-friendly Cellulose Material Center Construction, Hemp Regulatory Free Zone
Major projects in the future growth industry sector include 16.7 billion KRW for steel industry rejuvenation technology development, 5 billion KRW for eco-friendly cellulose material center construction, and 11.1 billion KRW for the Gyeongsangbuk-do Industrial Hemp Regulatory Free Zone.
The steel industry rejuvenation technology development project, which passed the preliminary feasibility study in June, is a project investing a total of 135.4 billion KRW from next year through 2025 to strengthen the steel industry ecosystem by promoting technological innovation and high value-added product conversion in small and medium steel companies.
The eco-friendly cellulose material center construction project will invest a total of 29.3 billion KRW over two years from next year through 2022 to build infrastructure supporting the development and commercialization of eco-friendly materials and components that can replace chemical materials used in automobile parts, building materials, cosmetics, and more.
The industrial hemp regulatory free zone project, which will invest 45 billion KRW over two years starting next year, is expected to foster a high value-added bioindustry through the industrialization of medical hemp extract materials and products and establish a medical cannabis industry base.
Hot Picks Today
Taking Annual Leave and Adding "Strike" to Profiles, "It Feels Like Samsung Has Collapsed"... Unsettled Internal Atmosphere
- There Is a Distinct Age When Physical Abilities Decline Rapidly... From What Age Do Strength and Endurance Drop?
- "One Comment Could Lead to a Report": 86% of Elementary Teachers Feel Anxious; Half Consider Resignation or Career Change
- "After Vowing to Become No. 1 Globally, Sudden Policy Brake Puts Companies’ Massive Investments at Risk"
- On Teacher's Day, a Student's Gifted Cake Had to Be Cut into 32 Pieces... Why?
Governor Lee Cheol-woo expressed strong determination, saying, "I expect that this national budget for the science and industry sector will act as a primer for the revival of the regional economy and breathe new vitality into industrial sites. We will continue to devote the province's capabilities to ensure that Gyeongbuk's industrial sites can dynamically revive."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
