"Withdrew After Receiving 14.7 Billion Won?"... Debate Erupts Over "Wasted Taxpayer Money"

A research center in South Korea affiliated with Stanford University in the United States, which received more than 10 billion won in government and Incheon city subsidies, is withdrawing six years after its establishment.

The Korea Stanford Center, established in Songdo International City, filed for the dissolution of its corporate entity in April and is currently undergoing procedures to handle its remaining assets.

The center, which moved into the Incheon Global Campus in Songdo in 2020, has primarily conducted smart city-related research. It has been found to have received a total of 14.7 billion won from the Ministry of Trade, Industry and Energy and the Incheon Free Economic Zone Authority over the past five years.

It is reported that Stanford University made the decision to withdraw the center to minimize financial deficits after the U.S. government reduced subsidies to universities and expanded taxation on university endowments.

The Incheon Free Economic Zone Authority has arranged for ongoing research projects to be handed over to George Mason University Korea, which is also located within the Incheon Global Campus.

The Ministry of Trade, Industry and Energy and the Incheon Free Economic Zone Authority plan to discuss revising relevant regulations to prevent similar cases where state-funded overseas research centers withdraw.

The Incheon Free Economic Zone Authority explained, "The Korea Stanford Center was Stanford University's first overseas research institute, producing many research outcomes and offering significant promotional effects," adding, "It was a great help in attracting investment, so we do not view it as a waste of taxpayer money."

Nevertheless, controversy is expected to persist as some critics question whether it is justifiable for an overseas research center that received more than 10 billion won in subsidies to make a unilateral decision to withdraw due to internal circumstances.
(Photo: Captured from Incheon Global Campus Foundation website, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.