DAEJEON < invest Korea

According to Yonhap News,

Daejeon-si, after a failed attempt in 'K-Bio Lab Hub' project, is set out to establish Daejeon-style Bio Lab Hub, regardless of the project application result.

Daejeon's governor said "we will proceed with our own Daejeon-style Bio Lab Hub based on '2030 Daejeon Bio Health Innovative Growth Master Plan' established in December last year" at a briefing on July 9.

The city plans to make use of the infrastructure of bio cluster, which has been driven by SMEs in the region, and Chungnam University Hospital facilities (BL-3) located in Bio Medical Regulation Free Special Zone.

It will exploit R&D capacity of government-funded research institutes, including the Korea Research Institute of Bioscience & Biotechnology (KRIBB) and talented research human resources from the Korea Advanced Institute of Science and Technology (KAIST) and others to establish Daejeon's own bio specialized complex.

The city is to invest KRW 544.3 billion by 2030 to build an infrastructure of virtuous cycle, ranging from establishment of bio enterprises and their growth, and to attracting and fostering experts in the bio field.

It will also go ahead with 5 strategies including: stimulate investment in the bio-tech; lay the ground to stimulate expansion to the global market; and vitalize the network between company-university-research institute-hospital, in order to create bio industry ecosystem.

The city plans to encourage establishment and attraction of about 300 bio startups and companies and support 100 companies to go overseas markets by 2030.

Daejeon expects this project will create 6,000 new jobs, attract 1,000 bio experts and talents, and develop 100 cases of bio innovative technologies.

Last year, companies in the bio-health field from Daejon produced the technology transfer to foreign countries worth KRW 6.171 trillion, and exports of COVID-19 test kits worth KRW 216.8 billion.

The number of venture capitals responsible for investment in the region is 22 in total, ranked 3rd following only Seoul and Gyeonggi. The number of startups per 10,000 population is 17.45, the largest in the country.

In particular, Daedeok Innopolis is Korea's largest supplier of bio original technologies, boasting 45 research institutes and 295 research companies. It has been recognized as the center of the bio industry with about 600 technology-based companies concentrating.

Daejeon's mayor said "Dajeon has world-class technology capability and excellent human resources," adding "although we could not attract national lab hub project, we will continue to pursue Daejeon-style lab hub project, an upgraded version of Daejeon's bio industry ecosystem."

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Source:Yonhap News (July 9, 2021)