DAEGU < invest Korea

According to Yonhap News,

Daegu R&D Special Zone Project has taken its first step to nurture Daegu into the global hub of the IT-based convergence industry.

The Ministry of Knowledge Economy and Daegu City held an inaugural ceremony for Daegu R&D Special Zone at Saint Western Hotel in Dalseo-gu on April 4th.

The event gathered about 200 people including Minister Choi Joong-kyung of Knowledge Economy, Daegu Mayor Kim Bum-il, Gyeongbuk Governor Kim Gwan-yong, former head of Grand National Party Park Geun-hye, regional law makers, chancellors of universities, and representatives of research institutes and companies.

Minister Choi said in his congratulatory remarks “Daegu and Gyeongbuk will see a new stage for economic development,” and added “for the special zone to be a global innovation cluster, creative talents should be nurtured and people need to start new businesses with entrepreneurship.”

The special zone will focus on four fields of smart IT devices, medical convergence devices and materials, green energy, and mechatronics.

Daegu R&D Special Zone will be created on the area of 22.25km² in Daegu and Gyeongsan City, Gyeongbuk-do.

The special zone consists of five districts: techno polis; Seongseo high-tech industrial district (Seongseo 3rd - 5th industrial complexes); convergence R&D district (Kyungpook National University and Kyungpook National University Medical Center); medical R&D district (Sinseo innovation city); knowledge service R&D district (Yeungnam University and Daegu University).

The central government and Daegu City will invest KRW 502.4 billion (state capital of KRW 417.3 billion, municipal capital of KRW 52.8 billion, and private capital of KRW 32.3 billion) in building infrastructure for R&D and commercializing technologies by 2015 in the first stage.

Daegu City will attract leading domestic research institutes and improve the environment of the special zone including sites for education, culture, and industrial activities.

The R&D Special Zone is expected to provide various benefits such as support for commercializing research results and start-ups, tax reduction or exemption for research institutes and high-tech companies, and reduction or exemption of water charges and traffic congestion fees, contributing to drawing more companies and encouraging new business start-ups.

Daegu Technology Commercialization Center was opened within the convergence R&D center of Seongseo 3rd Industrial Complex as an organization designated in the special zone project. The center will become Daegu R&D Special Zone Headquarters when relevant acts are revised.

Source Text

Source: Yonhap News (April 4, 2011)

**This is an English translation of a Korean news article.