Ulsan Free Economic Zone Celebrates Again... Ministry of Industry Selected for 'Innovation Ecosystem' Three Consecutive Years
Supporting Resident Companies' Innovation and Promoting Business Capability Enhancement
The Ulsan Free Economic Zone Authority (Director Cho Young-shin) has once again been selected as a recipient of the Ministry of Trade, Industry and Energy's public project, the 'Free Economic Zone Innovation Ecosystem Creation Project.' This marks the third consecutive year of success since 2021.
The Ulsan Free Economic Zone Authority has secured 300 million KRW in national funding this year and will continue the 'Innovation Ecosystem Creation Project' with a total budget of 430 million KRW (300 million KRW national funds, 120 million KRW city funds, and 10 million KRW private funds).
This project is a public competition conducted by the Ministry of Trade, Industry and Energy aimed at fostering free economic zones as global hubs for new industries by targeting regional innovation institutions.
In this competition, Ulsan Technopark and Ulsan Industry-Academic Convergence Institute formed a consortium to participate as regional innovation institutions.
The consortium plans to establish an industry-academia-research innovation cluster base over the next two years focusing on Ulsan's core strategic industries such as mobility, future chemical new materials, hydrogen and low-carbon energy sectors, as well as key attraction industries including hydrogen industry, automotive parts, and fuel cells.
Additionally, the consortium will expand the industry-academia-research cooperation system among large and small-to-medium enterprises, universities, research institutes, and support organizations in the Ulsan region, and operate customized corporate support programs such as commercialization support, technical assistance, and specialized consulting tailored to the needs of resident companies.
Cho Young-shin, Director of the Ulsan Free Economic Zone Authority, stated, “We will systematically and intensively develop an innovation growth ecosystem centered on core strategic industries and key attraction sectors to establish the Ulsan Free Economic Zone as a global hub for new industry development and investment attraction.”
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The Ulsan Free Economic Zone consists of three districts: △ Hydrogen Industry Hub District (Techno General Industrial Complex) △ Electrogen Auto Valley (Ihwa General Industrial Complex) △ R&D Business Valley (KTX Station Area, Ulsan National Institute of Science and Technology, HTV General Industrial Complex). It was designated and announced in June 2020, and as of the end of December 2022, 155 companies and institutions related to hydrogen, secondary batteries, and other sectors have settled in.
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