Stanford Research Institute in Songdo International City Withdraws After 6 Years Amid "Wasted 14.7 Billion Won Support" Controversy

A domestic research institute of Stanford University in the United States, which received over 10 billion won in funding from the government and Incheon City, is withdrawing just six years after its establishment.

The Korea Stanford Center, established in Songdo International City, filed a corporate dissolution report last April and is currently undergoing procedures to handle its remaining assets.

The center, which moved into the Incheon Global Campus in Songdo in 2020, primarily conducted research related to smart cities. It was 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.

Stanford University's main campus reportedly decided to withdraw the center to minimize fiscal deficits following reductions in U.S. government grants 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 measures to revise relevant regulations to prevent similar cases where funded overseas research institutes withdraw.

The Incheon Free Economic Zone Authority explained, "The Korea Stanford Center was Stanford University's first case of establishing a research institute abroad, producing many research achievements and generating significant promotional effects. It was also a great help in attracting investment, so we do not consider the tax money to have been wasted."

Nevertheless, controversy is expected as some critics question whether it is justifiable for an overseas research institute that received more than 10 billion won in support to unilaterally decide to withdraw due to internal circumstances.
 
(Photo: Screen capture from the Incheon Global Campus Foundation website, Yonhap News)
※ Please note: This article was translated by AI and may contain errors.