Regulatory Free Zones and Economic Free Zones Join Forces to Provide Integrated Support for Regulatory Exemptions and Commercialization

Ministry of SMEs and Startups - Ministry of Industry Exchange Agency Consultative Body Meeting Held

The Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy will jointly establish an integrated support system where new industry companies can receive regulatory exemptions and business commercialization support all in one place.

On the 28th, the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy held a ‘Strategic Personnel Exchange Institution Council’ at the Daegu-Gyeongbuk Advanced Medical Industry Promotion Foundation located in the Daegu-Gyeongbuk Free Economic Zone, discussing future implementation plans for inter-ministerial collaboration with related organizations.

The Daegu-Gyeongbuk Advanced Medical Industry Promotion Foundation is the lead institution of the newly designated ‘Daegu Inno-Dental Regulatory Free Zone’ (designated at the Regulatory Free Zone Committee chaired by the Prime Minister on the 30th of last month) and is an occupant institution in the Daegu-Gyeongbuk Free Economic Zone (Shinseo Advanced Medical District), symbolizing collaboration between the special zones.

At this council, the two ministries introduced their collaboration implementation plans for strategic personnel exchange, followed by presentations from the Daegu-Gyeongbuk Advanced Medical Industry Promotion Foundation and the Daegu-Gyeongbuk Free Economic Zone Authority on the operation plans of the Regulatory Free Zone and corporate support measures within the Free Economic Zone.

Going forward, the two ministries aim to create a complex support system for regulatory exemptions and business commercialization of new industries through linkage between the Free Economic Zone (hereafter FEZ) and the Regulatory Free Zone (hereafter RFZ), by pursuing ▲ granting the FEZ Authority head the authority to apply for RFZ designation within the FEZ ▲ adding RFZ-supported industries to the core strategic industries of the FEZ ▲ reflecting FEZ-linked commercialization plans in the RFZ plans ▲ supporting technological collaboration (open innovation) between FEZ resident companies and ventures/startups.

Lim Jeong-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, said, “We hope this will be an opportunity to secure future growth engines for the region through win-win cooperation by strengthening networks between RFZ ventures/startups and FEZ resident companies.”

Oh Seung-cheol, Director of the Industrial Infrastructure Office at the Ministry of Trade, Industry and Energy, stated, “Through this collaboration, we will strive to combine the strengths of each special zone to present a model where advanced new industry companies can grow from startup to commercialization.”

Meanwhile, this collaboration between the two ministries was promoted as part of the ‘strategic personnel exchange’ initiative, implemented to break down inter-ministerial barriers and realize collaborative administration.

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