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South Korea's MSS Unveils Global Innovation Zone Plan

Photo by Anna Evlanova / Unsplash

The Ministry of SMEs and Startups in South Korea has planned to establish global innovation zones. The goal is to promote the high-tech sector and stimulate economic growth in the country.

The announcement was made at a recent meeting of economic ministers. The new initiative will provide a platform for future generations to explore advanced technology.

The "Global Innovation Special Zone Creation Plan" proposes the creation of regulatory-free zones.

These zones will apply international standards to developing, demonstrating, and marketing new products.

These zones will focus on high-tech sectors with the potential for economic spillovers, a strong presence of competent SMEs, and regions where technological advances are outpacing institutional arrangements.

In a shift in regulatory approach, these zones will implement a comprehensive system of negative regulation.

This will allow all demonstrations of new technologies unless explicitly prohibited. Although no initial standards or specifications for new products will be provided, safety and quality assurance will be achieved by applying standards from developed countries.

The Ministry of SMEs and Startups intends to create a demonstration environment that transcends national boundaries. The Ministry of SMEs and Startups aims to support product development and promote overseas expansion by establishing demonstration centers.

To this end, the ministry will cooperate with UL Solutions, a US-based global certification organization, to support the demonstration and technological innovation of high-tech start-ups in the US.

To streamline the certification process, the Ministry of SMEs and Startups will establish a "Safety Verification Committee" to expedite the issuance of temporary licenses.

This will significantly reduce the processing time for such approvals.

A fast-track process for innovative companies that can demonstrate safety and performance through overseas certifications will be established.

In addition, the Ministry of SMEs and Startups plans to introduce new insurance products to cover potential losses from new product development and reduce the burden on companies.

Furthermore, the ministry will work with domestic and foreign insurers to develop an objective risk assessment method for performance and safety.

The Ministry of SMEs and Startups will provide a comprehensive support system for companies in these zones wishing to expand globally. This system will include initiatives to accelerate overseas growth, support for standards development, and the provision of international scale-up packages.