Nationwide First 5th... Gyeongbuk Technopark Officially Launches to Designate 'Regulatory Free Zone'

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Gyeongbuk Technopark held a focused public-private-academic meeting on the preliminary regulatory free zone over two days, on the 30th and 31st of last month, in Gyeongju, Gyeongbuk.

In this meeting, more than 30 stakeholders including specialized companies and law firms gathered to prepare for the 9th regulatory free zone application by the Ministry of SMEs and Startups next year. Local governments, related organizations, and companies came together to discuss discovering new industries.

Gyeongbuk Technopark.

The regulatory free zone policy grants companies special exemptions from core regulations within designated areas for a certain period (2＋2 years) to open the way for commercialization of new industries that are otherwise hindered by regulations.

Based on the designation and operational experience of four previous regulatory free zones, Gyeongbuk Province aims to become the first and the nation’s leader by securing the fifth regulatory free zone designation.

So far, Gyeongbuk TP, together with Gyeongbuk Province, has actively identified local new industry regulatory issues through regional innovation networks and regulatory sandbox support projects.

It has been doing so continuously.

Gyeongbuk Regulatory Free Zone Demonstration R&D Planning Corporate Workshop.

In particular, participating companies within the regulatory free zone can engage in close demonstration R&D cooperation between large corporations and small and medium enterprises. Based on regulatory improvements, it supports leading technology development and helps companies attracted to Gyeongbuk secure competitiveness in the global market.

Hainseong, President of Gyeongbuk Technopark, said, “Through public-private-academic cooperation, we will promote the designation of the preliminary regulatory free zone and create a new successful regulatory free zone model that can lead future growth industries.”

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