The Ministry of Trade, Industry and Energy announced on the 4th that it will support more than 600 billion won in government expenditures for 70 projects in the field of materials, parts, equipment (small manager), K-Bio, and Korean New Deal by 2025.
The main goal of the smart specialization infrastructure construction project is to reflect regional characteristics to strengthen regional industrial capabilities or to transform the regional flagship industries facing crisis into new industries.
56 strategic industries (4 for each city/province) that are specialized for each region are selected by comprehensively considering regional industrial development demand and national industrial development strategy. In order to make the local industry smart, it supports the establishment of a platform linking industry, academia, and research institutes and equipment, equipment expansion, technical support, and professional manpower training.
The 23 new planning tasks this year, which were selected with a scale of about 140 billion won last year, are scheduled to be selected through public offerings and a new evaluation committee by the 8th of next month.
From this year’s planning task selection, the Ministry of Industry will cooperate with local governments to actively reflect smart specialized strategic industries, small managers, K-Bio, and Korean New Deal. It plans to support about 100 projects by 2025.
The announcement of the new project implementation agency in 2021 can be confirmed at the Korea Industrial Technology Promotion Agency (KIAT). New planning tasks for 2022 will be confirmed in April after going through the regional base council.
Regional Economic Policy Officer Kim Hyun-cheol of the Ministry of Industry said, “We will create an industrial ecosystem infrastructure to strengthen regional industrial competitiveness with this project.”
Amount of annual support for smart specialized infrastructure construction projects (unit: KRW billion)
Source: Ministry of Trade, Industry and Energy
Reporter Heeseok Yoon [email protected]