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Busan, Gangwon, Chungbuk, Jeollanam-do selected as candidates for global innovation special zones....negative regulations to be applied

According to Yonhap News,

On December 28, the Ministry of SMEs and Startups (MSS) announced that it has selected four candidate areas for the global innovation special zone: Busan (next-generation marine mobility), Gangwon (health/medical data), Chungbuk (advanced regenerative bio), and Jeonnam (new energy industry).

The global innovation special zone is a special zone that aims to advance, expand and reogranize the existing regulatory free special zones to support the development of new products and overseas expansion in the field of future technology. It will be the first time in Korea that comprehensive negative regulations, which allow all demonstrations except for those explicitly restricted and prohibited, will be applied.

Candidate areas will be finally designated as global innovation zones after deliberation and resolution by the Regulatory Free Special Zone Committee established by the Special Zone Act after preparing a list of regulations for negative demonstration special cases in each selected field, and conducting consultation with relevant ministries.

Busan plans to create a next-generation marine mobility special zone to foster the ship equipment and ship management industries focused on future ships such as eco-friendly and digital self-driving ships.

Busan was recognized for having a number of leading companies and potential companies in the region and for its excellence in one-stop platform support plan for companies to advance into the global market, encompassing domestic and international land and sea demonstrations and international certification.

Gangwon plans to create a special health and medical data zone to foster the AI healthcare industry. The province has been recognized for its plan to create related infrastructure and for the possibility of entering overseas AI-enabled diagnostic and medical devices markets using AI medical data.

Chungbuk plans to create a special zone for advanced regenerative bio. It has been recognized for development potential thanks to existing infrastructure in Osong that can support all stages from basic research to commercialization. Furthermore, it specifically presented demonstration areas such as expanding the application area of advanced regenerative medicine.
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Source: Yonhap News (December 28, 2023)

** This article was translated from Korean.