South Korea is gearing up to launch a project to help Laos build hubs called “technoparks” that will nurture local businesses.
South Korea’s Ministry of SMEs and Startups submitted a proposal to the Ministry of Foreign Affairs seeking the approval and necessary budgets for the project.
South Korea is currently operating such hubs dubbed “Technoparks” across the nation. There is a total of 19 technoparks already up and running.
Technoparks, first established in 2006, are the networking hub nurturing local industries with a focus on developing and fostering young and small technology-oriented enterprises.
In particular, they focus on a support project for incubating firms through research and development, startup education, information dissemination, support for prototyping, training, equipment utilization.
Furthermore, Technoparks are designed to create local and industrial growth strategies, managing the monitoring of business groups and building the database of local industry development resources.
The number of companies moving into Technoparks across South Korea nearly tripled over the ten years from 826 in 2007 to 2,256 in 2018. The number of employed people rose from 16,564 to 19,674, with sales rising from KRW 3.52 trillion (USD 2.83 billion) to KRW 17.06 trillion (USD 13.7 billion) over the same period.