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Ulsan to Build KRW 17.1B Comprehensive Innovation Center

On June 28, Ulsan city announced its project to build a comprehensive innovation center was selected for national funding by the Ministry of Land, Infrastructure and Transport.

The funding is part of a series of projects to support the construction of settlement infrastructure and provide space for establishing companies in innovation cities.

Ulsan's 7500㎡ comprehensive innovation center will be built in Yaksadong, Junggu. The 4-story building will cost KRW 17.1 billion to complete.

The city plans to begin construction in March 2019 after completing administrative procedures, such as the central investment review, and coming up with a detailed design. The center is slated for completion in 2022.

The Center will feature settlement infrastructure including culture, sports, and leisure facilities, in combination with spaces for establishing startups and social enterprises.

The establishment of an innovative city drew about 20,000 people to the area, but there were not enough cultural and leisure facilities to meet demands. Thus, the new center will have a multi-purpose gym and a cultural lecture hall.

Also, an innovation city development support center will be built within the city to attract and support coporate research institutes in order to foster the innovation city as a base for regional growth.

Source Text

Source: Newsis (June 28, 2018)

** This article was translated from Korean.