The Park Geun-hye government’s creative economy initiative received its biggest boost thus far on Wednesday with the opening of innovation centers in Gumi and Pohang in North Gyeongsang. That brings the number of innovation centers nationwide to five, designed to assist start-ups and support regional economies.
The Pohang center in particular received a lot of attention for being independently established by Korea’s largest steelmaker, Posco. It is the first innovation center established and run by the private sector. Samsung Group, which established an innovation center in Daegu in September, opened another one in Gumi to help nearby electronics manufacturers and suppliers enhance production efficiency by implementing smart systems in their factories.
Park and Deputy Prime Minister for the Economy Choi Kyung-hwan attended the opening ceremonies for both centers on Wednesday. “Regional economies have prospered mainly around industrial complexes for the past 40 years, but those areas nowadays have struggled with deteriorating production facilities and low technological competitiveness,” Park said at the ceremony. “The two new innovation centers will certainly revitalize these places by helping traditional manufacturers roll out new products inspired by technologies like the Internet of Things, big data and 3-D printing.”
For full article, see Joongang Daily.