Ministry of Industry to Invest 600 Billion KRW Over 5 Years in SoBuJang, Bio, and Korean New Deal
[Asia Economy Reporter Kwon Haeyoung] The government will invest 600 billion KRW over the next five years to strengthen regional innovation ecosystems related to materials, parts, and equipment (SoBuJang), bio, and the Korean New Deal.
The Ministry of Trade, Industry and Energy announced on the 4th that from this year until 2025, it will promote about 70 projects under the "Smart Specialization Infrastructure Construction Project" through regional innovation institutions and provide approximately 600 billion KRW in national funding.
The Smart Specialization Infrastructure Construction Project aims to strengthen regional industrial capabilities by reflecting local characteristics or to transform regional key industries facing crises into new industries. Considering regional industrial development demands and national industrial development strategies, 56 specialized strategic industries (4 per province/city) were selected, and support will be provided for building platforms linking industry-academia-research innovation institutions and equipment, expanding equipment, technical support, and training specialized personnel.
The Ministry of Trade, Industry and Energy will first conduct a public contest and procedures such as a new evaluation committee from today until March 8 for 23 newly planned projects selected last year with a scale of about 140 billion KRW. The executing institutions are expected to be selected around the end of March.
The 23 projects consist of 8 in SoBuJang, 8 in bio, 4 in digital, and 3 in green sectors. The project period is three years from this year to 2023, and each project will receive national funding of 5 to 10 billion KRW.
The Ministry plans to select about 25 new projects worth 160 billion KRW by April for 2022.
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Kim Hyuncheol, Director of Regional Economic Policy at the Ministry of Trade, Industry and Energy, said, "Since improving regional industrial competitiveness is directly linked to balanced national development and national industrial advancement, we will strengthen the efficiency of support through strategic linkage between regional industries and central government policies. Through this project, we will create industrial ecosystem infrastructure to enhance industrial competitiveness by region."
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