Ways to Create Jobs and SMEs Competitive

Industrial complexes to have academic facilities to educate workers and create jobs

The Ministry of Knowledge Economy said it will make industrial complexes around the country to install university-level education facilities under the Quality Working Life Valley Project.
The project is aimed at making industrial complexes more attractive to young workers around the country by building various facilities such as those for education, welfare and convenience at the cost of some 1.36 trillion won and the project to be undertaken jointly by both government and civilian investors will be ready to be kicked off at such industrial complexes as Banwol, Shihwa, Namdong, Gumi, Iksan, four industrial complexes for a start. Among the facilities to be installed are those for university campuses, R&D activities by business firms all under a design to set up facilities good enough to high-grade manpower tailor-made for industrial complexes with education, job seeking and R&D activities.
The project will be undertaken jointly with government and private sector with 81 billion won to come from government coffer and 54 billion won offered by private investors during the project period from this year to 2015. Three industrial complexes considered to have large demand for such education and welfare facilities will be picked to start the project and each complex will get 45 billion won in funds including 27 billion won in official funds and 18 billion won in private funds and their size will be determined as the project progresses depending on demand for academics and industry fusion facilities at each of the three complexes. A main idea behind the move is to secure young manpower for the complexes around the country with not many young workers by building academic and research and development facilities to entice them. The government wanted to make the complexes attractive for young workers to take over the jobs left by older workers and in the process, build-up the competitive strength of the complexes and create jobs for local communities at the same time.
The industrial complexes around the country have about 60,000 SMEs operating plants employing some 40 percent of total employees in Korea or 14 million workers. When academic and industrial facilities are mixed together in an area, young workers can use them to advance their education and universities can set up their campuses near the complexes so that young workers can continue their academic pursuits.
The Shihwa Industrial Complex in Shihwa, Gyeonggi Province, is the only such facility that have a number of universities set up education facilities in the complex. Chosun University has an R&D facilities in Gwangju Industrial Complex and Hanbat University operates a similar facility in Daeuk Techno Valley near Daejeon. The Ministry of Knowledge Economy hopes that academic facilities in the industrial complexes will help SMEs in the industrial complexes set up and operate R&D facilities to make them more competitive.
Many countries in the world including the U.S., and EU and rival countries of Korea such as China and Taiwan have industrial complexes with academic and industry combined facilities to upgrade the quality of their workers and thereby making them more competitive and also create jobs in the areas they operate. The RTP in the U.S., Kista Science City in Sweden and Ulutechpolis in Finland are good examples of the additional capacities of the industrial complexes.
Dir. General Kim Kyung-soo of the Regional Economic Bureau of the MKE, said the QWL Valley project is to be officially promoted with the decision to build educational facilities inside the industrial complexes being already made, which is to close the gap between education and jobs. We hope the youths will get the education while working at industrial complexes and play a key role in speeding up the arrival of the age in which the nation’s per capita income would jump up to $40,000. MKE is committed to promoting expansive investments in Korean markets. To best accomplish this initiatives, the ministry is pursuing a wide-range of strategies and policy directives to stimulate and encourage capital flow. Benchmark ‘best examples’ of other countries to boost the entrepreneurial spirit of domestic firms. Examine new, high value-added industries as possible future growth engines; compose comprehensive development strategies (R&D, manpower, etc.) to use as a roadmap. Facilitate investment in regional economies by providing additional incentives and removing impediments. Scrutinize investment regulations under MKE’s jurisdiction. Encourage greater competition and M&A to enhance global competitiveness.
Operate the newly-established Corporate Assistance Center to offer investment related services and information both on and offline. nw

A view of Shihwa Industrial Complex University in Shihwa, Gyeonggi Province.

President Park Bong-kyu of Korea Industrial Complex Corp.