GANGWON-DO < invest Korea

According to Yonhap News,

Chuncheon-si, Gangwon-do, has been designated as an 'Innopolis Town' that specializes in new biopharmaceutical materials.

According to Gangwon-do and Chuncheon-si on May 2, the National Innopolis Committee designated Chuncheon as the Innopolis Town through final deliberation and resolution.

With such designation, Chuncheon is equipped with a base for technology commercialization of biopharmaceutical new materials by 2026.

As a result, it will receive technology commercialization fund worth KRW 23 billion (national KRW 16 billion, local KRW 7 billion) for five years, with national and local tax reduction benefits to research institutes and relevant companies in the Innopolis Town.

Innopolis Town will be led by technology innovation institutions such as local universities, research institutes, and public organizations.

The key technology institution will be Gangwon University, which will facilitate technology startups through previously established startup support platform.

In particular, a regional-based special zone investment ecosystem will be created through the Gangwon region support fund worth 72.8 billion won, centered on Gangwon National University’s technology holding company.

In particular, it will create local-based Innopolis investment ecosystem through Gangwon region support fund worth KRW 72.8 billion, raised through Gangwon technology holding company.

In addition, customized demonstration testbeds will be supported for bio pharmaceutical field, covering all steps of technology commercialization, through institutions such as Chuncheon Bio Industry Promotion Agency located in the Innopolis.

Chuncheon intensively fostered the bio health industry since the mid-1990s and has made some achievements, but needed to overcome challenges due to the nationwide spread of the bio industry.

With the 13th Innopolis designation in the country, Chuncheon-si expects to see such effects as production inducement of KRW 659.9 billion, added-value inducement of KRW 326.4 billion, and employment inducement of 7738.

hak@yna.co.kr

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Source: Yonhap News (May 2, 2022)