Long known as the hub of technology
and research & development (R&D),
Korea now has its eyes set on the robotics
Last month, Korea announced that it would inject KRW 500 billion (USD 445 million) into the robotics industry over the next five years. The country has 20 pilot projects scheduled for the next two years and is actively developing and commercializing advanced manufacturing robots. The Ministry of Science, ICT and Future Planning also announced it would spend KRW 2.2 trillion (USD 1.9 billion) over the next 10 years to foster self-driving cars, smart cities, artificial intelligence (AI), virtual reality (VR) and augmented reality (AR).
For foreign investors looking to enter the fast-developing industry, they should take a close look at Pohang City, located in North Gyeongsang Province.
Pohang City is the main seaport of the
Daegu-Gyeongbuk region on Korea's east
coast. It is located about 110 km north of
Busan and about 360 km southeast of
Seoul. By train, it is 1.5 hours to Daegu,
and 2-3 hours to both Busan and Seoul.
The Pohang Airport also provides domestic
access to other parts of Korea.
In addition, the Pohang Port boasts excellent conditions as a bridge to the Daegu Metropolitan City and the North Gyeongsang region. Divided into the New and Old Port, the new port is responsible
for supporting the steel industry
such as POSCO, while the old port handles
sand and oil products.
Pohang is also part of the Daegu- Gyeongbuk Free Economic Zone. Established in 2008, the Daegu- Gyeongbuk Free Economic Zone (DGFEZ) offers customized facilities and infrastructure to companies operating in the Korea and Asia-Pacific market.
Located in the heart of Korea’s East
Coast Energy Cluster is the nation’s
largest wind power and nuclear complex,
also known as the Pohang Fusion Tech
District. The district is especially accessible
to two major ports, and is well suited
for companies looking to deliver goods
either internationally or to the Korean
market. The region is looking to house
high tech industries in the sustainable
energy, biotechnology and industrial
material industries. The district will provide
land for the bio-medical, new materials,
energy and R&D industries as well as
foreign schools and international hospitals.
As part of the DGFEZ, the Pohang Fusion District provides foreign-invested companies and developers with customized financial support in the form of tax exemptions, cash grants, reduced rent and other subsidies in accordance with the Free Economy Law (Article 16 Clause 1). In particular foreign-invested companies in the manufacturing and R&D industries are eligible for up to 100 percent tax exemption for the first five years and 50 percent tax exemption for the following two years.
Along with the Pohang Fusion Tech District, Pohang University of Science
and Technology (POSTECH) is dedicated
to science and technology for budding
engineers and technological development.
POSTECH consistently ranks as one of
the best universities in the world and is
highly regarded as a national research
The Korean government and foreign businesses have also shown its support of the institute. Four government-operated research centers of the Institute for Basic Science (IBS) to promote research in basic sciences are located at POSTECH. In addition, the Max Planck Society of Germany and POSTECH established the Max Planck-POSTECH Center for Attosecond Science and the Max Planck- POSTECH Center for Complex Phase Materials.
Furthermore, the POSTECH Biotech Center was founded in 2000 to incubate the development of biotechnological sectors such as immunology, pharmaceuticals and nanobiotechnology. Its Smart Campus system allows students to access scientific and technological information via smart phones and mobile devices as well as laptops. In 2010, for the first time among Korean universities, POSTECH implemented a Desktop Cloud Service, providing a convenient and secure computing environment.