GBSA Takes the Lead on Gyeonggi Province's Fiscal Innovation... Launches 'Fiscal Crisis Response Innovation Task Force'

The Gyeonggi Business & Science Accelerator is launching an “Innovation Task Force for Responding to Fiscal Crisis” to proactively address Gyeonggi Province’s fiscal innovation agenda and changing fiscal conditions.

The Gyeonggi Business & Science Accelerator said it held the task force’s kickoff meeting at its headquarters on October 12 and began an organization-wide fiscal innovation effort encompassing cuts to operating expenses, increased own-source revenue and more efficient business operations.

The task force will be led by the head of the Management Planning Office and include around 30 people, including the heads of each business division and key department heads from the management planning departments and the Techno Valley Innovation Division. It will operate using the existing organizational structure, without adding staff or restructuring the organization.

The Gyeonggi Business & Science Accelerator plans to run the task force as an action-oriented organization rather than a forum for simply discussing ideas. It will systematically manage the entire process, from generating ideas and selecting initiatives to assigning responsible departments, monitoring implementation, analyzing results and feeding them back into future planning. Key results will be reflected in future budget planning and the agency’s operations.

The Gyeonggi Business & Science Accelerator is holding a kickoff meeting for its innovation task force to address the fiscal crisis on the 12th. Photo provided by the Gyeonggi Business & Science Accelerator.

Key initiatives include cutting agency operating expenses; improving the efficiency of building and facility operations; reducing shared administrative costs; securing external funding; identifying revenue-generating businesses using the agency’s assets; advancing the agency’s digital transformation (DX) and AI transformation (AX); streamlining support program processes; and increasing other revenue and reducing expenditure.

The agency will reduce duplicated costs by coordinating or jointly carrying out announcements, promotional activities and events previously handled separately by each department. It will also consider a collaborative project management approach that links the stages of corporate growth, from research and development (R&D) through commercialization and investment to exports. In addition, it will make reducing repetitive administrative work and boosting productivity through digital transformation and artificial intelligence key priorities.

“This task force will mark the starting point for transforming the agency’s fiscal structure by overhauling not only costs, but also how we work, our business structure and our revenue structure,” said Kim Hyungon, head of the Gyeonggi Business & Science Accelerator. “We will protect our core corporate support functions and boldly cut unnecessary costs to become a sustainable public institution that leads Gyeonggi Province’s fiscal innovation.”

This content was produced with the assistance of AI translation services.