TechnoPark signs agreement with Daedeok Innopolis in South Korea

As per the agreement, the two parties will exchange information and knowledge on best practice models with respect to the effective planning, development and operation of science and technology parks and incubators, park and incubator management, business development activities that lead to growth and international market opportunities for park tenants and incentives and methods for successfully recruiting companies to the park.

The agreement, signed by Hamad Al Hashemi, Managing Director, TechnoPark and Lak Kyoung Song, Managing Director, Daedeok Innopolis will facilitate the process of innovation adoption and adaptation in the fields of technology, organization and services in general with a focus on IT, biotechnology, advanced materials and environmental industries.

Commenting on the importance of the agreement, Hamad Al Hashemi said:

"TechnoPark and Daedeok share the same aim, which is to develop structures such as science parks devoted to research, training, technology transfer and innovation. Our partnership will open up further international opportunities for investment, collaboration and development for both TechnoPark and Daedeok-based companies. This agreement further re-enforces our commitment to enabling commercialization of R&D for long-term market stability and economic growth."

Daedeok Innopolis is the research and development district in the Yuseong-gu district in Daejeon, South Korea. Daedeok Innopolis grew out of the research cluster established by President Park Chunghee in 1973 with the opening of the Korean Institute for Advanced Science and Technology (KAIST). Over 20 major research institutes and over 40 corporate research centers make up this innovation ecosystem. Over the last few years, a large number of IT venture companies have sprung up in this region.

There are 232 research and educational institutions to be found in Daejeon, many in the Daedeok region, the most famous of which are the Electronic Telecommunications Research Institute (ETRI) and Korean Aerospace Research Institute (KARI). There were over 5,000 researchers with doctorate degrees located in the area as of 2007.