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home > NEWS&EVENT
2020.07.15
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Ulsan city to form a biz-hub to grow local hidden champions


According to Yonhap News,


The city of Ulsan and Ulsan TechnPark announced on Jul 9 that the city government has successfully attracted 66 local hidden champions in total since last year.
On the back of the authorities’ commitment to help grow small but strong businesses, 36 last year and 30 more this year added their names on the list of highly competent companies, especially involved in industries, which conflates between key sectors and new growth engines. It’s reported that almost half of them (aprox. 45) have moved their headquarters and research labs into Ulsan Technopark, which now accommodates 187 companies.

Ulsan city and Technopark have long provided a course of customized biz-support programs in consideration of financial, technological capacity, human resources and training capability and equipment etc. by each development stage for the residents. Most of them have enormous potential to grow into tech powerhouse as many of them have already been engaged with the state-led R&D projects or been working on acquiring patents or investment for scaling up. This year, in particular, a dozen of energy related companies headquartered outside the community recently transferred into the city district as the authorities were selected as a Hydrogen Green Mobility Regulation Free Zone.

The appointment is believed to be a kickstarter, prompting greater money inflows into local economies via a string of private-public partnerships.
Plus, the city government’s biz-support schemes –setting up an R&D intensive agglomeration alongside testing grounds -are likely to turn local businesses, still small but highly powerful, into bigger players.


Source Text


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young@yna.co.kr

Source: Yonhap News (Jul 9 , 2020)


** This article was translated from Korean.