DAEJEON < invest Korea

According to Newsis,

Daejeon City built a cooperative system with Sejong City and Chungnam-do to attract a "K-Bio Lab Hub" project commissioned by the Ministry of SMEs and Startups (MSS).

Daejeon-si said that it agreed to cooperate with Sejong-si and Chungnam-do to build "K-Bio Lab Hub" , and submitted detailed business plan to the MSS on June 14.

To attract the project, the cities in the South Chungcheong province came together, with 9 government funded research institutions, 4 universities, 4 university hospitals, and 53 leading investment institutions, bio companies and associations participating.

To implement the project, Daejeon selected the sites in 'Daejeon Technopark Bio Venture Town' within Innopolis Daedeok, and Daedeok Valley Campus of Hannam University, which are accessible to research resources.

The companies registered in 'Bio Venture Town' surpassed cumulative sales of KRW 1 trillion in 2015, in 10 years since the opening, and 46 bio venture companies have been created. Of them, 9 have been listed on the stock market.

In its proximity located 'Daedeok campus of Hannm University', where 'Daedeok bio community' was born by 14 bio companies in the 1990s. Thus, it has historical significance and geographical advantage.

The City launched a council consisted of 33 institutions and organizations to push for K-Bio Lab hub and adopted a motion for joint recommendation. It also ran a signature collecting campaign, gathering signatures from around 220,000 citizens.

An official said, "We will attract the project in cooperation with Sejong and Chungnam, and foster it as a cluster of bio innovation in the world."

K-Bio Lab Hub is a support institution for bio startups with KRW 250 billion national budget for 7 years starting from 2023. MSS is to announce final selected site in the next month after document screening, evaluation on site, and presentation.

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Source: Newsis (June 14, 2021)