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According to Yonhap News,
(ULSAN=Yonhap News) Ulsan city announced on April 5 that it submitted an application for designation of Ulsan InnoTown and launched activities for successful result.
The city explained that InnoTown is a new model of R&D special zone to be introduced to establish a foundation for science and technology-based regional innovation in small area.
Previously, more than 40 research institutes and 3 universities have been required for the designation as a special zone. However, InnoTown requires just one or more core technology institutes.
The government is planning to establish 10 or more small but concentrated research towns, each 2 ㎢ or smaller, totaling 20㎢ nationwide.
The city began preparation for InnoTown in May last year, selecting UNIST as a core technology institute.
Rather than developing a new hinterland, it is to designate the general industrial complex of Ulsan High-Tech Valley as a hinterland.
With the designation, the city plans to support smart convergence technologies, vital for sophisticating city's main industries, while investing in future industries such as new energy industry, and bio, healthcare industry.
Once designated as InnoTown, diverse benefits will be offered such as tax reduction for research institutes and technology companies, national budget support for infrastructure building and technology commercialization projects, and reduction in various charges accompanied during the development phase.
A city official said, "We will do our utmost to win the designation of InnoTown, which will become a center of the region's innovative growth and R&D".
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** This article was translated from Korean.
Source: Yonhap News (April 5, 2019)