Creation of Bio and Aviation Industry Innovation Ecosystem in Incheon Free Economic Zone... Selected for National Funding Project Competition

Incheon Free Economic Zone Songdo International City
[Photo provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The bio and aviation industries, key strategic sectors of the Incheon Free Economic Zone, have gained further momentum as their development policies have been selected for government support projects.

The Incheon Free Economic Zone Authority announced on the 22nd that two projects from the Incheon area were selected in the "Free Economic Zone Innovation Ecosystem Creation Contest" hosted by the Ministry of Trade, Industry and Energy.

The selected fields are bio-healthcare by Incheon Technopark and aviation-smart manufacturing industry by the Aerospace Industry-Academia Convergence Institute.

This contest, targeting nine free economic zones nationwide, was promoted to systematize and advance an innovation growth ecosystem centered on the region's core strategic industries and to foster them as global new industry hubs.

A total project cost of 1.11 billion KRW will be invested in the selected projects, which will be carried out until the end of 2023.

Incheon Technopark, in consortium with Shinhan Square Bridge Incheon, which operates Incheon Startup Park Insta II, plans to establish a foundation including bio-healthcare upstream and downstream industries such as bio new drugs (vaccines), innovative new drugs, smart healthcare, new technology medical devices, and bio materials, parts, and equipment (SoBuJang), and support the global expansion of bio-healthcare-based upstream and downstream ventures and startups.

Lee Kibum, Center Director and overall manager of the Incheon Technopark support project, said, "We plan to contribute to strengthening corporate business capabilities and fostering a global bio-health new industry hub by conducting database construction, technical difficulty demand surveys, networking, business commercialization support, and specialized consulting targeting the bio-healthcare sector."

Additionally, the Aerospace Industry-Academia Convergence Institute, in consortium with the Incheon Technopark Aviation Industry Center, will build an aviation convergence new industry specialized platform linking resident aviation companies in the Free Economic Zone with UAM (Urban Air Mobility) and drone industries to support participating companies.

Yu Changkyung, Director and overall manager of the Aerospace Industry-Academia Convergence Institute support project, stated, "We plan to actively foster the aviation convergence new industries based on the 4th Industrial Revolution, such as aviation MRO (maintenance, repair, and overhaul), UAM, drones, and metal additive manufacturing, in the Incheon Free Economic Zone by forming a consortium of industry, academia, research, and government including the Aviation Safety Technology Institute."

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