ULSAN < invest Korea

Ulsan city announced last Friday that the Ulsan Technopark was named as a partner agency for the Korean government in the field of new and renewable energy industry, as a part of the Ministry of Trade, Industry, and Energy (MOTIE)’s business idea support project.

The business idea support project, a core initiative for Park Geun-hye administration’s vision of creative economy, delivers general public’s creative ideas to specialized agencies. The MOTIE finalized partner agencies in ten industries, including home appliances, daily supplies, knowledge service, biotechnology and energy.

The Ulsan Technopark earned high scores with its energy clusters based on its industry-academic cooperation regarding secondary cells, hydrogen fuel cells and wind and solar power, and transfer of outstanding foreign technology from the United States and Russia to Ulsan. It won the title from a fierce competition against Korean and foreign public agencies, research institutes and private companies.

The Ulsan Technopark will be provided with a government budget of KRW 1.2 billion until 2015 to receive innovative ideas in the field of new and renewable energy and give incentives where appropriate to lead the business successes in the industry.

It will also focus on developing Ulsan as a new and renewable energy cluster by attracting outstanding technologies to Ulsan and promoting overseas exports.

An Ulsan Technopark insider noted that it will develop new and renewable energy ideas to create jobs and contribute to regional economy.

** This article was translated from the Korean.