Ulsan Free Economic Zone Authority Selected for 'This Year's Free Economic Zone Innovation Ecosystem Development Project'

Supporting Resident Companies' Innovative Growth ... Accelerating Business Expansion

Ulsan City Hall exterior view. (Photo by Ulsan Nuri)

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] The Ulsan Free Economic Zone Authority has been selected for the Ministry of Trade, Industry and Energy's public project, the 'Free Economic Zone Innovation Ecosystem Creation Project.'

The 'Free Economic Zone Innovation Ecosystem Creation Project' is divided into two areas: innovation cluster foundation and corporate business capability enhancement. It aims to systematize and advance the innovation growth ecosystem centered on the core strategic industries of the free economic zones, fostering them as global hubs for new industries.

This public project is a follow-up measure to the Ministry of Trade, Industry and Energy's 'Free Economic Zone 2.0, 2030 Strategy and Vision' announced in October last year.

Selected this year in the corporate business capability enhancement area, the Ulsan Free Economic Zone Authority actively supports not only the infrastructure of the free economic zone but also the growth of resident companies.

The total project cost this year is 333 million KRW (national funding 233 million KRW, city funding 90 million KRW, private funding 10 million KRW), and the project period is from the end of March to the end of December.

The main project contents include infrastructure support such as equipment, software, and facilities based on resident companies' demand surveys; commercialization support such as domestic and international expert support and prototype production; corporate support including technology and comprehensive assistance; and support for networking events and seminars.

Jo Young-shin, head of the Ulsan Free Economic Zone Authority, said, "We will do our best to establish a solid industrial ecosystem by creating an industry-academia-research cooperation system for innovative growth."

This content was produced with the assistance of AI translation services.