Gyeonggi Province has signed an official collaboration agreement with the World Economic Forum on the successful operation of the Gyeonggi Centre for the Fourth Industrial Revolution, which is scheduled to open in October.

On June 28, Gyeonggi Province Governor Dong Yeon Kim signed a collaboration agreement with World Economic Forum Founder and Executive Chairman Klaus Schwab at Dodamso (the former gubernatorial residence) to establish the Centre for the Fourth Industrial Revolution.

Governor Kim compared global competition to a short-track race, saying, “The corners of a short-track speed skating course are difficult for everyone, but they’re also an opportunity to gain the lead… At the Davos Forum in January, I was impressed to hear that Korea is at another corner on the short track, but if we stumble in this corner, we will be left behind. I believe we will be able to lead the way through the Centre for the Fourth Industrial Revolution that we will create together.

He added, “Unlike other Centres for the Fourth Industrial Revolution, the Gyeonggi Center will not only focus on supporting AI-based startups, but will also take the lead in climate action.”

“The transition from an industrial society to a knowledge society is bringing about major changes in the way companies do business and the way citizens live,” said Executive Chairman Schwab, explaining the need for the Centre for the Fourth Industrial Revolution. “We need new types of platforms to respond to these changes, and we need to support small companies in their creative activities.”

He continued, “Gyeonggi Province’s Centre for the 4th Industrial Revolution is special because it will be the first center to focus on startups. It will serve as a pioneer for other centers for the Fourth Industrial Revolution and play a role in creating a new startup ecosystem.”

“I look forward to returning to Gyeonggi Province to celebrate the success of the Gyeonggi Centre for the Fourth Industrial Revolution, and I look forward to meeting the Governor in Davos early next year,” said Executive Chairman Schwab, inviting Governor Kim to the 2025 Davos Forum.

With the signing of the agreement, Gyeonggi Province will begin official preparations for the opening of the Gyeonggi Centre for the Fourth Industrial Revolution in October.

The Centres for the Fourth Industrial Revolution are regional collaboration platforms established by the World Economic Forum, in consultation with countries and regions, to address the Fourth Industrial Revolution. First opened in San Francisco in 2017, there are now 18 such centers around the world, including in the United States (Michigan and Texas), Japan, Israel, Saudi Arabia, Germany, and India.

Gyeonggi Province has set AI-based “startup promotion,” “smart manufacturing,” and “climate change response” as the key tasks of the Gyeonggi Centre for the Fourth Industrial Revolution, which Governor Kim explained was the result of a long period of reflection while interacting with key figures around the world.

Governor Kim signed a memorandum of understanding to establish the Centre for the Fourth Industrial Revolution at the World Economic Forum (Davos Forum) in January. During the forum, he interacted with many global CEOs, startups and opinion leaders, including World Economic Forum President Borge Brende, and gathered advice and opinions for the operation of the center. In May, he visited the San Francisco Center, the world’s first Centre for the Fourth Industrial Revolution, and discussed the role and operation of the Gyeonggi Center with Sebastian Buckup, Executive Director of the Centre for the Fourth Industrial Revolution of the World Economic Forum, and various stakeholders.

Gyeonggi Province believes that the opening of the Centre for the Fourth Industrial Revolution will play a role in developing startups in Gyeonggi Province into unicorn companies (companies with an enterprise value of more than USD 1 billion [KRW 1 trillion]). To this end, Gyeonggi Province plans to actively utilize diverse information on trends, high-tech and industry analysis reports, technological know-how, and global exchange networks accrued by the World Economic Forum to focus on supporting startups and small and medium-sized enterprises in Gyeonggi Province that lack advanced information and global capabilities.

In addition, Gyeonggi Province is considering hiring an outside expert to serve as the director of the Centre for the Fourth Industrial Revolution to make the most of the autonomy and expertise of the private sector. In particular, it plans to gradually increase the proportion of private funding for the center’s operations through corporate memberships.

The Gyeonggi Provincial Assembly also played an important role in the signing of the collaboration agreement. On June 17, the Gyeonggi Provincial Assembly passed a motion to sign a cooperation agreement between Gyeonggi Province and the World Economic Forum (Davos Forum) prior to the signing of the collaboration agreement. Initially, the Gyeonggi Provincial Assembly did not agree with the establishment of the Centre for the Fourth Industrial Revolution due to a lack of proven effectiveness, but it agreed with the administration’s explanation that it was necessary to ensure the international competitiveness of Gyeonggi companies and promised comprehensive support.

Founded in 1971, the World Economic Forum is a non-profit, public-private partnership international organization. It is the world’s largest think tank and premier networking organization on global business and industry, and hosts the World Economic Forum in Davos, Switzerland, each January.

Executive Chairman Klaus Schwab founded the World Economic Forum in 1971 and has led the organization ever since. Governor Kim met with Executive Chairman Schwab in 2018 when serving as deputy prime minister of Korea to discuss the establishment of the Centre for the Fourth Industrial Revolution in Korea and the participation of Korean youth in the World Economic Forum.