[Purpose] The potential for innovation growth in the Jeonbuk region's economy is limited by its vulnerable industrial structure and lack of industrial innovation capacity that can lead regional innovation. In order for the regional economy to maintain...
[Purpose] The potential for innovation growth in the Jeonbuk region's economy is limited by its vulnerable industrial structure and lack of industrial innovation capacity that can lead regional innovation. In order for the regional economy to maintain dynamism and strengthen its driving force for innovation growth, the health, connectivity, and growth potential of the regional economy are essential. Therefore, the purpose of this study is to derive an industrial restructuring strategy that can induce dynamism in the Jeonbuk region's economy and create an innovation growth engine.
[Methodology] By analyzing the innovation growth engine of the Jeonbuk region's economy and the linkages and characteristics of its industrial structure, we evaluate its industrial capacity and compare and analyze its industrial capacity with that of other regions. Then, based on the analysis of the competitiveness and priorities of new industries in the Jeonbuk region, we derive an industrial reorganization strategy that can strengthen the regional industrial capacity and industrial innovation capacity of the Jeonbuk region.
[Findings] The industrial restructuring strategy that can strengthen the Jeonbuk region's regional industrial capacity and industrial innovation capacity can be divided into ① a diversification strategy of industries linked to existing industries and ② a diversification strategy of unrelated industries that foster new innovative industries. The Jeonbuk region is a region with low innovation capacity, so it should focus on diversification strategies rather than unrelated diversification strategies, but it should also broadly incorporate unrelated diversification strategies that can maximize innovation. In promoting industrial structure diversification and advancement strategies linked to existing industries, global competitive advantage factors that can enhance the export competitiveness of products should be set as performance indicators. In order to maximize the results of industrial capacity through fostering new industries, a new industry cluster, which is a virtuous cycle ecosystem of new industries, should be created so that the network of companies that constitute new industries determines the market structure and corporate innovation can induce market innovation to achieve innovation growth of local industries. Large-scale clusters by industry should be created and activated by utilizing research and development special zones and free economic zones.
[Implications] It is meaningful as a policy alternative to renew regional industrial capacity and regional industrial innovation capacity as an industrial reorganization strategy to overcome the backwardness of the Jeonbuk region‘s economy and create an innovative growth engine.