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Marketing Reinforcement Project for Advanced Biomaterial Industry Selected as 2nd Stage of RIS Project
The marketing reinforcement project for advanced biomaterial industry of Gwangju has been selected as the second stage project of 2014 RIS.

- RIS (Regional Innovation System): The principal agents of industry-academy-institute for regional development are connected together to support the technology development, networking, manpower training, and company support services for the companies using regional resources.

Gwangju will receive KRW 2 billion for three years (KRW 680 million from this year). It is expected to gain a momentum in achieving the USD 50 million in export by discovering the leading companies in biomaterials, supporting the development of products, acquiring overseas certifications and international patents and executing overseas marketing.

For the advanced biomaterial industry, Gwangju and the industry-academy cooperation foundation have jointly performed the first stage project focusing on the discovery and cultivation of beneficiaries with the total project cost of KRW 3.5 billion for three years from 2011, and achieved the outcomes including an increase in the number of businesses by 60 through new businesses and business conversion, 48 beneficiary businesses and 40 new jobs.

The evaluation, managed by the Ministry of Trade, Industry & Energy (MOTIE), was to grade the projects that have completed the first stage project from 2011. With that, 21 projects were selected nationwide.

MOTIE implemented the RIS project for the selected task from 2004 for regional (specialized) resource industrialization through the acceleration of cooperation and reinforcement of connecting industries, academia, institutes and authorities. MOTIE has invested around KRW 1 billion in the companies for three years.

"The intensive support will not only reinforce the competitiveness of the businesses and create jobs within the region but also bring synergy by cooperating with relaevant businesses," said a Gwangju City public official.

Source: Gwangju Metropolitan City (August, 2014)