Incheon Seo-gu and Gangwon Chuncheon Newly Designated as 'Small Giant R&D Special Zones'

Ministry of Science and ICT "Administrative and Financial Focused Support"
Expected 3.7 Trillion Won Sales Increase from 500 New Companies Moving In

[Asia Economy Reporter Kim Bong-su] On the 2nd, the Ministry of Science and ICT newly designated the areas of Seo-gu, Incheon and Chuncheon, Gangwon as Small Giant Research and Development Zones (Small Giant Zones).

The Small Giant Zones are small-scale research and development zone models at the basic local government level that promote commercialization and startups based on public technology, centered on core technology institutions such as universities and government-funded research institutes located in the region. They are accompanied by administrative and financial support such as budget, tax benefits, and regulatory exemptions. In 2019 and 2020, a total of 12 places including Gimhae, Gyeongnam; Pohang, Gyeongbuk; Ansan, Gyeonggi; Cheongju, Chungbuk; Gumi, Gyeongbuk; Hongneung, Seoul; Ulju, Ulsan; Naju, Jeonnam; Gunsan, Jeonbuk; and Cheonan·Asan, Chungnam were designated as Small Giant Zones. Since then, achievements such as 396 public technology transfers, 240 startups, 145.2 billion KRW in investment linkage, and 1,083 jobs created have been made.

Seo-gu, Incheon’s core technology institution is Incheon National University, and its hinterland consists of the Comprehensive Environmental Research Complex, Environmental Industry Research Complex, and part of Geomdan 2 General Industrial Complex (planned development site). It is the only environmental specialized Small Giant Research and Development Zone in Korea, specializing in ‘ICT Convergence Environmental Pollution Treatment and Management.’ Going forward, public technologies, research capabilities, personnel, and networks held by Incheon National University and public institutions in the environmental field located in Incheon will be opened to zone companies. Industrial complexes located in Incheon will be linked as on-site laboratories for environmental technology demonstration, systematically supporting the entire cycle of technology commercialization.

The Small Giant Zone in Chuncheon, Gangwon has Kangwon National University as its core technology institution, and its hinterland includes parts of Hupyeong General Industrial Complex, Geodu Industrial Complex, and Namchuncheon General Industrial Complex, with ‘Bio-pharmaceutical New Materials’ as its specialized field. Going forward, Kangwon National University’s technology startup platform, customized demonstration infrastructure in the bio and pharmaceutical fields, and a 70 billion KRW scale Gangwon region support fund will be linked, concentrating Gangwon Province’s bio-innovation capabilities in the Chuncheon Small Giant Zone.

It is expected that by 2026, the two newly designated Small Giant Zones will have direct and indirect effects such as the settlement of about 500 new companies within the zones and an increase in cumulative sales of 3.7423 trillion KRW. Regionally, economic ripple effects such as the creation of 20,853 jobs and production and value-added inducement effects of 6.3262 trillion KRW are anticipated.

A Ministry of Science and ICT official said, "To overcome the crisis of regional extinction, we will do our best to ensure that the newly designated Small Giant Research and Development Zones act as new growth engines that make the heart of the region beat again."

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