The government will invest 400 billion won in 2024 and 2.2 trillion won over five years into innovation capability-based cooperation clusters, such as national high-tech strategic industry specialized complexes, high-tech medical complexes, and R&D special zones.

At the Emergency Economic Ministers' Meeting on the 18th, the government announced the 'Plan for Follow-up Measures on the Plan to Foster International Cooperation Complexes (Global Clusters)' to execute as quickly as possible the regulatory improvements and budget and tax support tasks of the 'Plan to Foster International Cooperation Complexes (Global Clusters)' (5th Export Strategy Meeting) announced on June 1.
According to the plan, to create world-class international cooperation complexes (global clusters), 400 billion won will be invested in innovation capability-based cooperation complexes (clusters), such as national advanced strategic industry specialized complexes, advanced medical complexes, and R&D special zones, in 2024, and 2.2 trillion won (including local government funds) will be invested over the next five years.

In particular, to expedite the establishment of specialized complexes for national advanced strategic industries, the government is pursuing an exemption from the preliminary feasibility study for public institutions for the 'Yongin Semiconductor Specialized Complex,' and is allowing lump-sum ordering by recognizing an exception to the separate contracting requirement for fire safety facility construction during construction in the national advanced strategic technology sector.

We are also pursuing new designations in the first half of 2024 through the announcement of life (bio) specialized complexes in the second half of this year.

private-sector-led venture ecosystemTo foster this, the limit on external investment by general holding company corporate venture capital (CVC) firms will be increased from 40% to 50% of individual fund contributions, and the overseas investment ratio will be increased from 20% to 30% of total assets. Additionally, the budget for cash support for foreign investment in 2024 will be significantly increased to 200 billion won (from 50 billion won in 2023) to strengthen support for foreign-invested companies related to new growth, advanced, and materials, parts, and equipment technologies that move into innovation capability-based cooperation clusters.

In addition, to allow business support service companies such as law firms, accounting firms, startup accelerators, and venture capital firms to move into the industrial facility zone of the cooperation complex (cluster), relevant laws and regulations, including the △notice of facilities allowing entry into industrial facility sites and △management plans for R&D special zones, will be promptly amended in October of this year, and the requirements for researchers to return home will be eased so that they can continue research locally through employment leave, etc., even after the end of their dispatch to overseas research institutions, in order to enhance the expertise and technological competitiveness of domestic researchers.

In addition, residential conditions will be improved by excluding the 'non-homeownership requirement' when recruiting additional tenants for job-linked housing, thereby allowing home-owning workers employed in regional clusters to move into nearby public rental housing.

Finally, eight core technologies related to biopharmaceuticals will be added to the list of national strategic technologies under the Restriction of Special Taxation Act (August 2023) to provide exceptional tax benefits for R&D expenditures and facility investments starting from the second half of the year (July 1, 2023). Additionally, 86.4 billion won will be invested in the 'Boston-Korea R&D Project' in 2024 to strengthen cooperation with the Boston Sangmyung Cooperation Complex (Bio Cluster), and seven leading bio R&D projects will be promoted, including the development of antibody drug AI and Doctor Answer 3.0.