Boston Korea Project

The South Korean government has unveiled its plan to invest a total of 2.2 trillion won (USD 1.65 billion) in creating industrial clusters focused on advanced technologies. The investment spans over the next five years and aims to establish specialized geographical zones dedicated to supporting world-class industries. The move is in line with the government's efforts to build global business concentrations that can bring up innovative firms in high-end industries such as chips and biotechnology, according to the Ministry of Economy and Finance. The South Korean government will lift related regulations to induce cluster projects led by regional governments, and offer legal and accounting consulting services to businesses in such zones. It will expand shared facilities and equipment within the clusters, and induce more ventures and start-ups to use them. Vouchers will also be offered to allow companies based outside the clusters to use such facilities.

In line with such efforts, the country will roll out the Boston-Korea project, which aims to connect South Korean institutions with those based in Boston, including Harvard University. "(The project) centers on utilizing the advantages of local institutions with those based in Boston to address challenges in the bio sector and fostering key workforces, namely medical scientists in the area," the ministry said. Under the project, South Korean organizations can provide abundant medical data sourced from local hospitals, particularly focusing on Asian populations, while U.S. institutions possess robust research capabilities, it added.

Four cases, including the "Boston Korea Project," were selected as the first case of a global R&D cross-ministerial project. The global R&D flagship project is a cross-ministerial project that intensively supports the selection of R&D projects that require strategic intensive investment, away from individual and small-scale R&D cooperation.