ULSAN < invest Korea

On April 2, Ulsan-si said that the project to foster Ulsan Ulju Innopolis Innotown has generated great results, such as increasing sales and creating new jobs.

The project to foster the Innopolis Innotown, operated by the Ministry of Science and ICT is to designate and foster small and highly-densed intensive areas as R&D special zones, centered around technology institutions such as universities, research institutes, and public enterprises.

Ulsan-si got the designation of Ulsan Ulju Innopolis Innotown for Bancheon General Industrial Complex, High-Tech Valley General Industrial Complex, and Ulsan National Institute of Science and Technology (UNIST) in 2020.

It is fostering secondary batteries, which is getting intensive support from Ulsan-si, as a specialized area, driven by UNIST.

The city has provided KRW 15.8 billion over the past 3 years, (KRW 12 billion in state fund, KRW 3.8 billion in municipal fund), supporting 69 transfers of public technologies, establishment of 35 tech-startups and 25 research institutes.

As of the end of 2023, the companies supported by Ulju Innopolis Innotown recorded sales of more than KRW 20 billion and created 385 new jobs.

There was a company that attracted KRW 130 billion investment, expanding its plant.

This company secured the certification of advanced technology and product from from the Ministry of Trade, Industry and Energy (MOTIE) in November last year, and got the designation for holding a national strategic technology in January this year.

A city official said, "we will do our utmost to continue to attract companies, create jobs, and revitalize the local economy by proceeding with the project to foster Innopolis Innotown."



canto@yna.co.kr

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Source: Yonhap News (April 2, 2024)