LG Group is establishing a national hub for its patents and intellectual property in North Chungcheong Province that will have acess to its 29,000 patents.
Also, the LG affiliates have decided to invest 1.6 trillion won (US$1.47 billion) for three years in order to foster the growth of North Chungcheong Province into a center for the cosmetics, biotechnology, and energy industries.
The LG Group's Creative Economy Innovation Center will play a key role in establishing the national hub of patents, fostering specialized industries in the region and supporting business start-ups.
They have first decided to provide 3,000 of its patents to companies in North Chungcheong Province for free. Also, the group will register an additional 24,000 patents and 1,600 patents from 16 government-funded research institutions in the so-called IP Support Zone of the center. The IP Support Zone will provide them to small and medium-sized venture firms at a minimal cost.
The LG Group is also planning to support the cosmetics, biotechnology, and energy industries, which are specialized in North Chungcheong Province, through its affiliates. LG Household & Healthcare and LG Chem will invest a total of 1.6 trillion won (US$1.47 billion) in the province over the next three years.
Moreover, LG will support small and medium-sized venture firms by raising a total of 150 billion won (US$137.59 million) in funds, and operate the Active Woman Business Center to help women enter the workforce. LG, North Chungcheong Province, the Financial Services Commission, and the Small and Medium Business Administration will jointly contribute the funds.