Nova International Designated as the 12th Advanced Technology Enterprise in the Busan R&D Special Zone > Notice

Nova International, a leading manufacturer of eco-friendly footwear using sustainable composite materials, has been officially designated as the 12th Advanced Technology Enterprise in the Busan R&D Special Zone by the Ministry of Science and ICT, according to an announcement made on the 12th by the Busan Special Zone Headquarters of the Innopolis Foundation.

The Advanced Technology Enterprise designation system, established under the Special Act on the Promotion of R&D Special Zones, aims to foster companies with proven production capacity and R&D capabilities in high-tech fields. To qualify, companies must hold patents for advanced technologies or products, with such products accounting for at least 20% of total sales and R&D expenditures comprising 3–5% or more of annual revenue, depending on company size.

Since the first designation in 2014, the Busan R&D Special Zone Headquarters has recognized 13 companies with outstanding technological capabilities and research capacity as Advanced Technology Enterprises.

Nova International was selected as the 12th company for its outstanding work in developing and manufacturing environmentally friendly footwear using sustainable materials. In 2023, the company relocated its production base from Vietnam and established a new factory covering 17,232 square meters in Gangseo-gu, Busan, within the R&D Special Zone.

Although footwear manufacturing was initially excluded from the zone’s permitted industries under its management plan, the Busan Special Zone Headquarters actively facilitated Nova International’s entry through a special regulatory exception. This was enabled by a system allowing companies with certified advanced technologies or products to bypass standard industry restrictions.

Nova International currently exports over 95% of its high-tech and eco-conscious products. The company was previously honored with the Order of Industrial Service Merit (Gold Tower) in 2018 and the $50 Million Export Tower Award in 2020, affirming its status as a globally competitive small giant.

Enterprises designated as Advanced Technology Enterprises benefit from a range of incentives, including 100% exemption on corporate and income taxes for three years (followed by 50% for two more years) and property tax reductions of up to 100% for seven years (followed by 50% for an additional three years). Designated companies also receive additional points when applying for government support programs in the R&D Special Zone.

Seo Dong-kyung, Head of the Busan R&D Special Zone Headquarters, stated, “We expect great things from these enterprises, which are creating and commercializing high-level technology-based products. We will continue to offer strong support to help them grow as key players in the local and global market.”