Investment

Incheon City-IFEZ-KBSI Sign MOU
The Efforts for Establishing a MetropolitanCenter for theKorea Basic ScienceInstitute(KBSI) in Songdo Have BeenKicked off

On July 13, a three-party MOU for establishing the metropolitan center for the Korea Basic Science Institute (KBSI) in Incheon was signed. This will help the IFEZ to gain momentum in establishing its bio cluster.

Korea Basic Science Institute

· Foundation : August 1988
· Characteristics of the institute : Government-funded research institute (under the Ministry of Science and ICT)
· Purpose : To promote basic science; the facility is responsible for R&D and research support related to research facilities, equipment, and analytic science technology
· Scale : 394 employees, with a budget of 115.2 billion KRW (based on December 2019)
· Equipment : 651 pieces of research equipment (the introduction price is higher than 30 million KRW)

The KBSI, which was established in 1988, is an institute that comprehensively manages the national research infrastructure on equipment for research institutes, R&D related to analytic science, joint implementation of research, and support for research. Its headquarters is located in Daejeon, and the institute is now trying to establish a center for the metropolitan area in order to integrate the research infrastructure for the sectors of bio, medicine, nano, and the environment.

Regarding this, Incheon City plans to apply for investment examination for budget planning for the second half of this year. After this examination, along with approval from all involved parties, such as the city council and other related institutions, construction will begin in 2022 and is expected to be completed in 2025.

Once the KBSI center for the metropolitan area is set up in Songdo, the research on human resources and the infrastructure for strategic industries around Incheon City, such as bio, nano, and the environment, will be integrated in Songdo. As such, it is expected that the research capabilities of enterprises in related fields will be enhanced, and this will encourage excellent researchers to move into Songdo. Shin Hyung-shik, KBSI president, said, “When the research infrastructure for bio, medicine, nano, and the environment is established in Songdo, it will become possible to realize various cooperative relations, not only for convergence studies but also for supporting local industries across Incheon.”

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