'Global Innovation Zones' Mark the Start of Regulatory Innovation… Ministry of SMEs and Startups Holds Inauguration Ceremony

Innovative Cluster Enabling Bold Attempts
Global Innovation Special Zone Officially Launched

The Ministry of SMEs and Startups announced on the 21st that it held the 'Global Innovation Zone Launch Ceremony' at Lotte Hotel in Jung-gu, Seoul.

Last year, the government announced the 'Global Innovation Zone Development Plan' and designated Busan, Gangwon, Chungbuk, and Jeonbuk as global innovation zones in April. This was because there was a need to create innovation clusters where anything could be attempted to respond to rapid environmental changes. The global innovation zones are subject to comprehensive negative regulatory exemptions and can receive support for overseas demonstrations and international joint research and development (R&D).

The launch ceremony, held to officially announce the full-scale launch of the global innovation zones, prepared future ecosystem development plans through local governments' global innovation zone operation plans and expert discussions.

At the policy conferences held for each zone, discussions on development directions were conducted with expert panels on law, technology, overseas expansion, and companies within the zones. Experts suggested that South Korea needs to promote global joint R&D and establish a global cooperation promotion system to foster global SMEs and startups and to secure future new technologies.

Oh Young-joo, Minister of SMEs and Startups, said, "We will spare no support for product development based on new technologies and overseas expansion through the global innovation zones," adding, "Based on demonstration results, we will promptly promote improvements to related systems by checking the safety and effectiveness of new technologies."

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