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Ulsan Defense Venture Center to be opened in August

According to Yonhap News,

(ULSAN=Yonhap News) On May 3, Ulsan city announced that it will open Ulsan Defense Venture Center in August this year to foster SMEs and startups in the defense industry.

The city government signed MOU with the Defense Agency for Technology and Quality (DTaQ) on establishment and operation of Ulsan Defense Venture Center.

According to the MOU, the city will support expenses required for establishment and operation and DTaQ will support technology transfer and commercialization to the regional companies wishing to join the defense programs.

The Center supports establishment of venture companies who supply various parts to the military, development of related technologies, localization, and exports. Currently, eight such centers are in operation nationwide.

The Ulsan Center, 137 square meters, will be located on the 5th floor of Company Research Center of Ulsan Industry University Convergence Institute, equipped with office space, meeting room, and exhibition hall.

Ulsan city mayor said, "We expect to increase the competitiveness of national defense industry and revitalize the regional economy with regional SMEs and startups entering the defense market."

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Source Text

** This article was translated from Korean.

Source: Yonhap News (May 3, 2019)