Gwangju Free Economic Zone Authority Launches as 'AI Industry-Centered Innovation Growth Hub'
[Asia Economy Reporter Kwon Haeyoung] Sung Yun-mo, Minister of Trade, Industry and Energy, urged the Gwangju Free Economic Zone Authority to play a central role in regional development and job creation based on the artificial intelligence (AI) industry.
On the 27th, Minister Sung attended the opening ceremony of the 'Gwangju Free Economic Zone Authority' and stated, "We must secure global competitiveness in eco-friendly energy and future car sectors based on the AI industry."
The Gwangju Free Economic Zone Authority was designated as a free economic zone in June last year, completed preparations such as securing personnel and recruiting the head, and has been operating since this year. At the opening ceremony, it declared its vision to leap forward as a new industry hub centered on AI.
The government plans to actively promote and support the 'Free Economic Zone Innovation Strategy 2.0,' announced last October, to establish free economic zones as global hubs for new industries. By selecting key strategic industries for each free economic zone, incentives such as offering land at below development cost, allowing private contracts, and preferential support for local investment subsidies will be provided not only to foreign-invested companies but also to domestic resident companies. Additionally, new innovation growth support programs will be introduced, and regulatory innovation will be pursued.
Since its preliminary designation as a free economic zone in 2019, the Gwangju Free Economic Zone Authority has signed over 70 memorandums of understanding (MOUs) with companies in the AI sector, achieving the opening of about 40 Gwangju-based corporations and offices. To support innovation growth for resident companies within the free economic zone, a 'Gwangju Free Economic Zone Innovation Ecosystem Creation Business Agreement Ceremony' was also held among research and development and corporate support institutions.
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Meanwhile, at the agreement ceremony, heads of 10 organizations including the Ministry of Trade, Industry and Energy, Gwangju Free Economic Zone Authority, and GIST participated and agreed to cooperate to realize a 'win-win and AI-based convergence new industry hub' by attracting AI-based innovation growth leading companies and strengthening corporate support.
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