Two southeastern universities sign MOU in bid for Glocal University 30 funding

Ulsan College and Yonam Institute of Technology signed a memorandum of understanding (MOU) with local governments and businesses to successfully win funding for the Glocal University 30 project.

Ulsan College in Dong District, Ulsan [ULSAN COLLEGE]

Ulsan College and Yonam Institute of Technology signed a memorandum of understanding (MOU) with local governments and businesses to successfully win funding for the Glocal University 30 project.

The two universities announced they signed an MOU with the local governments of Ulsan and Jinju in South Gyeongsang on Wednesday. Companies such as HD Hyundai Heavy Industries, HD Hyundai Mipo, LG Electronics and LG Energy Solution were also part of the MOU.

The parties will work with each other to help Ulsan College and Yonam Institute of Technology get selected for this year's Glocal University 30 project.

Glocal University 30 offers government funding of 100 billion won ($72.4 million) to each university selected for the project, to be split over five years. Ulsan College and Yonam Institute of Technology applied for the project as a coalition that will create a joint decision-making body, having been shortlisted for the funding in April.

The two universities will also work with the companies taking part in the MOU to foster students' skills needed in local businesses, as well as jointly conducting research on the technologies in demand by local businesses and helping the region develop.

"The two universities in Ulsan and South Gyeongsang are forming a team to innovate education and create synergy with each other," said Cho Hong-rae, president of Ulsan College. "We plan to develop a successful educational model that leads regional development by nurturing professionals needed in manufacturing industries in Korea's southeastern provinces."

"To do so, we will be creating facilities, such as the SimFactory."

The SimFactory will be a factory run in collaboration with the universities and local small- to mid-sized businesses, allowing university students to work and get experience.

Although not part of the MOU, Ulsan College and Yonam Institute of Technology will also work with another 21 organizations and companies to train students in tech and to create jobs in the region.

SK Energy, the Ulsan Chamber of Commerce and Industry and Ulsan Business Promotion Institution are some of the organizations that are part of the list.

Ulsan College and Yonam Institute of Technology will submit a detailed plan in July on how they will use the Glocal University 30 funding, with the Ministry of Education announcing winners at the end of August.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]