Daejeon City has been selected for the “Global Innovation Zone” by the Ministry of SMEs and Startups. This program enhances the existing regulatory free zone by applying global standard regulations, verifications, certifications, and insurance to facilitate the development of new products and support their international expansion in advanced fields.
To prepare for this selection, Daejeon spent about five months gathering opinions from local companies and related organizations. They developed a plan for a “Global Innovation Zone for Advanced Bio-Manufacturing Based on Synthetic Biology” and submitted their application in October.
Out of the seven municipalities with nine submitted proposals, six projects passed the initial evaluation, and presentation evaluations were conducted on December 4. Daejeon, along with Gyeongnam and Daegu, was among the three finally selected.
The advanced bio-manufacturing sector is gaining global attention, especially as synthetic biology becomes a focal point in the ongoing major transition in the bio industry. The global bio-manufacturing market is expected to grow at a rapid annual rate of 24% until 2030. According to a report by the Boston Consulting Group, technologies related to synthetic biology could replace over one-third of traditional manufacturing industries, such as petrochemicals, within the next decade, generating an economic value of about 30 trillion dollars.
Major countries worldwide are fiercely competing to lead in advanced bio-manufacturing by leveraging synthetic biology and bio foundries. Daejeon plans to focus on nurturing the advanced bio-manufacturing industry through the Global Innovation Zone by providing public infrastructure, demand-driven R&D, global expansion, and easing domestic regulations.
Through this zone project, if advanced bio-manufacturing is promoted, new markets and jobs in various industrial fields are expected. The resulting new technologies and industries could create significant added value across pharmaceuticals, food, agriculture, and energy sectors, with an anticipated production inducement of 126.6 billion won and employment inducement of 547 jobs.
Han Sun-hee, Head of the Future Strategy Industry Office in Daejeon, stated that the selection of the Global Innovation Zone, following the Bio-Specialized Complex and Opportunity Development Zone, equips Daejeon’s advanced technology-based bio companies to expand globally. She emphasized the city’s commitment to supporting sustainable advanced bio-industrial growth and successfully operating the global zone to establish Daejeon as a leading city in advanced bio-manufacturing.