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Innovation Cluster Materializes with Legislative Notice of Special Act

According to Yonhap News,

(SEOUL=Yonhap News) On June 10, the Ministry of Trade, Industry and Energy announced it will give a notice of legislation by July 20 for the revision of the Special Act on Balanced National Development bill, a follow-up to the Special Act on Balanced National Development, which was revised on March 20.

The special act will materialize the development and operations of the National Innovation Cluster (National Innovation Convergence Complex) being carried out under the government's policy of balanced national development.

The National Innovation Cluster will connect key regional entities including innovative cities, industrial complexes, special R&D zones and universities and provide incentives for companies that invest in the cluster including financial support, subsidies, tax exemptions, regulatory exceptions and support for innovative projects.

The enforcement decree will be passed by the Presidential Committee for Balanced National Development during the designation for the National Innovation Cluster. The committee will take into consideration factors such as the area, radius, settlement conditions, possibility of integration and cooperation of enterprises and research institutes to reach a final verdict.

The ministry will also launch a Regional Innovation Council composed of 20 specialists from various fields to come up with creative innovation projects led by local governments and streamline expenditure projects.

For additional operational support for the council, regional innovation support teams will operate in cities and provinces, and regional innovation support centers will be in operation for the Presidential Committee for Balanced National Development.

Previously, the Regional Development Investment Agreement was run by the Ministry of Trade, Industry and Energy, but it was reorganized to be run by the Presidential Committee for Balanced National Development, allowing more departments to utilize the agreement.

The Regional Development Investment Agreement is a system in which local governments subsidize budgets to ensure the stable implementation of regional pending projects over several years.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (June 10, 2018)

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