Minister of SMEs and Startups Lee Soyoung Visits Ulsan and Gyeongsangbuk-do: "The Field Is the Starting Point for Policy"

Visited a university startup site in Ulsan and the Industrial Hemp Regulatory Free Zone
Heard views on revitalizing the local commercial district in Yeongju's old downtown

Starting with a visit to the university startup scene at Ulsan National Institute of Science and Technology (UNIST) on October 30, Minister of SMEs and Startups Lee Soyoung made a two-day, one-night visit to small and medium-sized enterprises in Gyeongsangbuk-do and local commercial districts.

Lee Soyoung, Minister of SMEs and Startups, listens to opinions, including updates on the demonstration project, at a meeting on the regulatory-free zone for industrial hemp held on the 30th of last month at the Gyeongbuk Bioindustry Research Institute in Andong, Gyeongsangbuk-do. Ministry of SMEs and Startups

This was her second two-day, one-night regional visit, following a trip to the Chungcheong region. Minister Lee has spent two days and one night in each region across the country, listening to voices from the field and reflecting them in policy.

On the first day, she met with students from startup clubs at Ulsan National Institute of Science and Technology (UNIST), then visited a small and medium-sized manufacturer specializing in cooling systems for artificial intelligence (AI) data centers in Yeongcheon, Gyeongsangbuk-do, and the Industrial Hemp Regulatory Free Zone in Andong, Gyeongsangbuk-do. On the second day, she visited the local commercial district in Yeongju, Gyeongsangbuk-do, and attended the opening ceremony of the Korea Grand Festival in Andong.

Ulsan National Institute of Science and Technology (UNIST), the first stop on Minister Lee's itinerary, is a startup-focused university specializing in deep tech in the Ulsan region. She toured research infrastructure, a key foundation for deep-tech startups, and met with student entrepreneurs and startup club members. She listened to their views on ways to foster a youth and regional startup ecosystem by leveraging the university's research capabilities and the industrial base of nearby large companies.

Lee Soyoung, Minister of SMEs and Startups, tours the cooling process at HanJung NCS, a smart factory specializing in cooling, in Yeongcheon, Gyeongsangbuk-do, on the 30th of last month. Ministry of SMEs and Startups

Minister Lee then traveled to Yeongcheon, Gyeongsangbuk-do, where she visited Hanjung NCS, a manufacturer of cooling systems for energy storage systems (ESS), and examined its manufacturing processes and use of smart factory technology. Hanjung NCS began as an automotive parts company and, through 15 years of technological development and innovation, shifted its business focus to become a specialist in ESS cooling. Minister Lee described it as "an SME that can play a crucial role in realizing an Electro-state and ensuring the success of the three mega-projects."

A Hanjung NCS representative said, "Government support programs are designed primarily for startups, so existing SMEs can sometimes find it difficult to obtain support as they transition to new industries." The representative added, "Existing companies also need careful support as they enter new industries."

As the final stop on the first day, Minister Lee visited the Industrial Hemp Regulatory Free Zone in Andong, Gyeongsangbuk-do. She reviewed the results of demonstration projects in the hemp zone and discussed with related companies how to improve regulations and establish a regulatory framework. Key topics included the need to amend the Narcotics Control Act, ways to build production infrastructure such as GMP (Good Manufacturing Practice) facilities, and stronger support for commercialization.

Minister Lee said, "We will comprehensively review the cultivation and extraction technologies developed in the Gyeongbuk Hemp Regulatory Free Zone, the results of full-cycle safety management demonstrations, and the need for existing regulations. Working with relevant ministries, including the Ministry of Food and Drug Safety, we will seek ways to establish a reasonable regulatory framework that ensures safety while supporting the growth of new industries."

On the second day, she visited the old downtown commercial district in Yeongju, Gyeongsangbuk-do. Yeongju was selected as a 2026 glocal commercial district by the Ministry of SMEs and Startups, in recognition of its potential as a K-food destination, supported by excellent rail connections and a wealth of local specialties, including octopus, apples, and ginseng. The city is currently pursuing a range of commercial district development initiatives centered on the Yeongju Octopus 1955 brand.

Minister Lee examined how the region's culinary, historical, and cultural resources are changing commercial districts and consumer activity. She held a tea meeting with small business owners and commercial district planners, listening to their views on revitalizing local commercial districts. Minister Lee emphasized, "Yeongju can build a distinctive competitive edge based on its unique story and rich local resources. For that potential to translate into tangible vitality for the commercial district, the leading role of those on the ground, including local merchants, local entrepreneurs, and commercial district planners, is more important than anything else."

On the second day, October 31, Minister Lee attended the opening ceremony of the Korea Grand Festival in Andong. The Korea Grand Festival is a pan-government consumer event running from October 29 through November 15, with 10 ministries and approximately 40,000 companies participating, including large corporations and small businesses. Attendees at the opening ceremony included Prime Minister Han Sung-sook, Minister of Patriots and Veterans Affairs Kwon Oh-eul, and National Assembly member Kim Hyeong-dong.

In her opening remarks, Minister Lee said, "I hope the Korea Grand Festival will bring vitality to small business owners and traditional market merchants and become a consumer festival enjoyed by everyone." She added, "We will make every effort to help it grow into a world-renowned festival."

Concluding her two-day, one-night visit to the Gyeongsang region, Minister Lee said, "The starting point for government policies on regional startups, manufacturing innovation, regulations on new industries, and the revitalization of small businesses is the people and businesses affected by those policies." She added, "Building on this visit, we will bring about changes that people and businesses can feel through regulatory improvements and policy feedback."

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