Government to Establish 'Electronic Manufacturing Innovation Complex' in Former IT Hub Yongsan... Supporting Idea Commercialization

Equipment Setup for Startup and SME Prototype Testing Within the Year... Consulting Support Also Provided for Large Corporations

[Sejong=Asia Economy Reporter Kwon Haeyoung] The government is establishing an 'Electronics Manufacturing Innovation Support Complex' in Yongsan Electronics Market, the former IT hub, to turn startups' and small and medium-sized enterprises' (SMEs) ideas into products.

On the morning of the 26th, the Ministry of Trade, Industry and Energy signed a win-win cooperation agreement with 10 organizations, including electronics companies such as Samsung Electronics and LG Electronics, and related institutions, at the '16th Electronics and IT Day' commemorative event held at COEX in Samseong-dong, Seoul. The participating organizations will provide concentrated support in equipment, manpower, and consulting to help startups commercialize innovative ideas quickly.

First, the government will complete the establishment of equipment and facilities in Yongsan Electronics Market within this year for prototype testing and begin full-scale operation. A budget of 16 billion KRW will be invested over five years starting this year. Subsequently, 50 to 100 innovative ideas will be selected annually, and repeated support for design, small-scale production, inspection, and evaluation will be provided to assist in the commercialization of innovative ideas.

Until now, there has been no suitable integrated space in Korea where startups and SMEs can rapidly repeat design, manufacturing, testing, and feedback to turn ideas into products. As a result, Korean startups and SMEs have gone to places like Shenzhen, China, where they can handle parts procurement, prototype production, inspection, and mass production in one location despite the risk of technology leakage. With the establishment of this Electronics Manufacturing Innovation Support Complex, innovative ideas can be commercialized quickly without the risk of technology leakage.

The government also plans to invest a budget of approximately 250 billion KRW over the next five years in core technologies such as artificial intelligence (AI), Internet of Things (IoT), and big data to support companies' efforts to secure technology and lead the Fourth Industrial Revolution.

Meanwhile, Minister Moon awarded the Bronze Tower Industrial Medal and other honors to a total of 40 businesspeople, including Coway Executive Director Song Hyunju, for their contributions to the development of the electronics and IT industry. The Korea Electronics Show, a Korean version of the Consumer Electronics Show (CES), which runs until the 29th, features about 400 companies with 1,100 booths showcasing technologies and advanced, innovative products to be launched or commercialized in the near future.

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