South Korea is going further beyond the technological landscape and the global competitiveness outlook with the building of the Ulsan Creative Economy Innovation Center. Spearheaded by Hyundai Heavy Industries, the Ulsan Center is created to vastly improve the country’s competitiveness in relation to advancing their manufacturing capabilities.
The City of Ulsan is one of the most prolific business centers in South Korea. Located in the southeast area of the country, Ulsan is a very fertile ground for technological leaps, not to mention it is at the precipice of South Korea’s seafaring business prospects and oceanic trade routes.
Hyundai Heavy Industries is one of the premier companies in South Korea that wants to help improve the economic standpoint of the country through the Ulsan Center by producing environmentally friendly self-driving transports, developing cost-effective and eco-friendly fuel, foster start-ups in 3D printing and making automated medical services.
The Ulsan Center has two branches in different locations, namely the University of Ulsan and the building for start-up assistance. The opening ceremony was held at the University and it was attended by some of the most respected people in South Korea: The country’s president, Park Geun-hye, the Chairman of Hyundai Heavy Industries Choi Kil-seon, and of course, the Mayor of the City of Ulsan, Kim Ki-hyeon.
President Park provided a rousing congratulatory speech in which she lauded the industrial strength and importance of Ulsan. She noted the challenging technological edge of the nearby countries. She said that she is hoping to observe the Ulsan Center’s contributions to the country by boosting the technological and industrial growth of the country.
Hyundai Heavy Industries will work in cooperation with Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering so that they will be able to patent 2, 500 start-up projects in the center. Small manufacturing businesses based in Ulsan are given the task of customizing parts based on the patents that would suit the needs of each shipbuilder.
Many people will work on researching and developing innovative methods and marked advancements in technology in the Ulsan Center. Engineering students, shipbuilders and developmental start-up companies will work as one in the Center so that the advancements will speed through the times.
Hyundai Heavy Industries as a premier company expects that the Ulsan Center will be able to localize the manufacturing of 15 very important ship parts by the end of the year 2015. By the year 2018, some 165 parts are expected to be mass-produced locally at the Center. South Korea is adamant in developing its competitive edge in the Asian and global market by also producing driverless marine vehicles that would save manpower hours and boost cost effectiveness. Their aim is to level with China and Japan in this industry.
Before, South Korea was importing ship parts and relying on external manufacturers to make machines and materials. By locally producing ship parts, innovating on the country’s current pool of machinery and crafting new materials & technologies, South Korea would be able to save up to 1.8 billion dollars. It would really be a financial and technological leap for a thriving country.