ULSAN < invest Korea

(ULSAN=NEWSIS) Ulsan City will sign a memorandum of understanding (MOU) with Germany’s Fraunhofer ICT, which has the world’s leading technologies for weight reduction of vehicles, on January 8 to establish a branch in Korea.

The joint cooperation project is promoted as a part of a creative economy industrial engine project by the Ministry of Trade, Industry & Energy (MOTIE).

The MOU includes exchanges of professors and researchers between Fraunhofer ICT and the Ulsan National Institute of Science and Technology (UNIST), exchanges of academic information and building research infrastructure.

The construction of a Fraunhofer ICT branch will help the development of infrastructure for parts and materials that will be used for weight reduction of vehicles, which will be promoted by the government’s support by 2018.

The development project of parts and materials for high efficiency and weight reduction of vehicles will be carried out as a support project of MOTIE with an investment of KRW 20 billion from 2015 to 2018.

The Fraunhofer ICT branch will create a new market worth KRW 100 billion by building infrastructure and relevant equipment for parts and materials, hire more than 100 new workers, find more than five companies related to manufacturing materials for weight reduction of vehicles, nurture human resources for on-site works and build a network that connects foreign advanced companies and research institutions.

jhc@newsis.com