DAEJEON < invest Korea

According to Yonhap News,

(DAEJEON=Yonhap News) The area of 15 ㎢ within the radius of 10 km around the Innopolis Daedeok, industrial complex, International Science Business Belt, and Daejeon Station area was designated as the National Innovation Cluster District.

According to Daejeon Metropolitan City on November 1, the Presidential Committee for Balanced National Development reviewed and voted for the "Designation of National Innovation Convergence Complex and Promotion Plan" which includes the designation of 14 cities, provinces and districts as National Innovation Clusters.

Daejeon decided to spend KRW 12.2 billion by 2020 to build the foundation for the innovation cluster. It also decided to foster five global companies and 300 startups, and create 10,000 jobs by 2024.

It plans to foster smart safety business in the field of ICT convergence industry that corresponds with the industrial characteristics of Daejeon and the policy direction for the fourth industrial revolution city construction.

It will create new products and services in which advanced sensor and technologies are converged into information and communication, bio and healthcare and intelligent robots.

Once the designation by the Ministry of Trade, Industry and Energy is finalized within this month, the city plans to provide five benefits to companies relocating offices to the cluster.

In particular, companies in the capital area will be provided with incentives when relocated in the innovation cluster. The incentives include 40 percent of the land purchase price and 24 percent of the equipment investment cost.

Recently, the Ordinance on Attracting Companies and Investment has been revised to lower the requirements for investors and increase incentives and supported parties.

The companies will be exempted from regulations including licensing process, and will have shorter administrative procedure.

"We will foster the innovation cluster as a base for innovative growth led by the region," said Han Seon-hee, the Director General of Science and Economy of the City. "We will make efforts to develop the city as a leader of ICT convergence industry by focusing on attracting promising companies from the capital area."

youngs@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (November 1, 2018)