The Ministry of SMEs and Startups (MSS) is actively moving forward with the designation of new global innovation districts this year. Simultaneously, it is focusing its efforts on strengthening global collaboration programs to foster the venture ecosystem. The ministry plans to strengthen support for infrastructure development, including regulatory relaxation and the expansion of innovation programs.
According to the MSS on Jan. 28, up to three new global innovation special districts are set to be designated within this year. After selecting four candidate sites last year, the ministry is now taking steps to designate a maximum of three additional special districts this year. This move aims to secure a foundation for regulatory innovation while simultaneously accelerating efforts for regional balanced development.
The global innovation special districts aim to create Korean-style innovation clusters, implementing regulations, validation, certification, permits, insurance, and other mechanisms in line with global standards. This initiative is targeted at fostering new product development in the advanced sector and facilitating international expansion. These districts are characterized by the application of negative regulations.
The MSS has decided to consider regional balanced development in the additional designation, regardless of whether businesses were eliminated in the previous selection of candidate areas. The final decision on the designation for the previously nominated areas -- Busan Metropolitan City (next-generation marine mobility), Gangwon Special Self-Governing Province (healthcare data), North Chungcheong Province (advanced regenerative biotech), and South Jeolla Province (new energy industries) -- will be concluded by mid-March.
The MSS plans to collaborate with global companies to create opportunities for the overseas expansion of ventures and startups. The global corporate collaboration program is characterized by government support, providing up to 200 million won in commercialization funds and specialized programs, while global companies offer specialized services in their respective fields. The MSS has expanded its list of partners from nine to eleven this year, adding Intel and OpenAI to the existing roster of global companies such as Google Play, NVIDIA, Microsoft, Dassault Systèmes, and others.