Jeonbuk Province, Recruiting Global Small Giants for 2020

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Jeonbuk Province announced on the 31st that it is recruiting ‘2020 Global Small Giants’ to discover export-oriented small and medium enterprises (SMEs) with innovation and growth potential and nurture them into leading export companies.

The ‘Global Small Giants’ program is a project promoted by the Ministry of SMEs and Startups to foster promising local companies into global leaders, and plans to select seven companies within the province this year.

Companies wishing to apply can do so through the Small and Medium Business Export Support Center website, and residents who want to recommend companies under the ‘National Recommendation System’ can submit recommendations via the Ministry of SMEs and Startups website from today until March 2.

Eligibility requires SMEs with annual sales of 10 billion to 100 billion KRW and direct or indirect export amounts of over 5 million USD in the previous year. However, innovative companies (venture companies, Inno-Biz companies, Main-Biz companies) with sales between 5 billion and 100 billion KRW and direct or indirect export amounts over 1 million USD are also eligible to apply.

This year, the application channels have been diversified by introducing the ‘National Recommendation System’ alongside the current method where companies apply directly.

The selection process consists of three stages: first, document screening; second, on-site evaluation assessing global capabilities; and finally, a presentation evaluation on the company’s growth potential, capabilities, and employment.

Selected companies will receive support for overseas marketing (up to 200 million KRW in national funds over four years) through central public selection during the four-year designation period, and will also be provided with various customized programs for global expansion through additional provincial funding of up to 30 million KRW.

Through support for Global Small Giants, sales have increased by an average of 4.58% annually over the past five years, and a total of 6.51 billion KRW in national funds has been secured through the selection of central public project tasks.

Lee Nam-seop, Director of Corporate Support at Jeonbuk Province, said, “To revitalize the regional economy, nurturing companies with excellent technology and high growth potential is essential,” adding, “We hope that promising companies in the province will grow into global companies, leading to sales growth and the creation of good jobs.”

This content was produced with the assistance of AI translation services.