The North Gyeongsang Technopark announced Tuesday that the "demand-specialized modular LSV (low-speed vehicle) global innovation regulatory free zone" it conceived and planned has been officially designated as a third-round global innovation regulatory free zone by the Ministry of SMEs and Startups.
The global innovation regulatory free zone program supports the development of new technologies and products in advanced emerging industries and their expansion into overseas markets, linking regulatory exemptions with overseas demonstration projects and commercialization support.
The newly designated zone covers areas in Waegwan-eup, Seokjeok-eup and Yangmok-myeon in Chilgok-gun, North Gyeongsang Province, including the Waegwan General Industrial Complex. The project will run from this month through December 2030, with a total budget of 19.7 billion won ($13.1 million).
A total of 36 companies and institutions will participate in large-scale demonstration projects under the designation.
LSVs, or low-speed vehicles, are vehicles with a top speed of 40 kilometers per hour or less. They are used broadly across daily life and industrial settings — including mobility support for people with limited transportation access, tourism and leisure, logistics, and agriculture — and are considered a next-generation form of low-speed mobility.
The "demand-specialized modular LSV" model being pursued by North Gyeongsang Province adopts an innovative approach in which customized modules are fitted onto a single standardized common platform.
The approach is expected to reduce development costs, maximize production efficiency and help build a collaborative, division-of-labor ecosystem centered on small and midsize regional companies.
Ha In-seong, president of the North Gyeongsang Technopark, said the organization would "draw fully on the operational know-how accumulated as the province's lead agency for zone planning and management, and push forward with regulatory innovation to drive growth among local companies and invigorate new industries."
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