Gyeonggi-do Invests 3.6 Billion KRW in SME 'Product Development and Market Expansion'

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will invest 3.6 billion KRW this year in customized support projects covering product development, production, and market expansion for small and medium-sized enterprises (SMEs) within the province.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced on the 17th that they will promote the "Customized Support Project for SME Development, Production, and Market Expansion" and are recruiting participating companies.

This project was planned to promote regional economic development and the successful commercialization of new technologies through field-oriented, customized support for companies considering regional characteristics.

The support targets are companies headquartered or with factories located in 27 cities and counties within the province (excluding Anyang, Ansan, Seongnam, and Gwacheon) that are tenants of startup incubation centers or venture cluster facilities.

If selected as a support target, companies can choose desired projects such as ▲domestic and international industrial property applications ▲domestic and international standard certifications ▲prototype (mold/mockup) development ▲testing and analysis costs ▲website production ▲participation in domestic and international exhibitions ▲domestic promotional sales, and receive up to 20 million KRW per company.

To this end, the province plans to invest a total project budget of 3.635 billion KRW, including 1.455 billion KRW from the provincial government and 2.18 billion KRW from city and county governments.

Companies wishing to apply can do so from the 25th of this month to the 17th of next month through EasyBiz (www.egbiz.or.kr).

Last year, the province supported a total of 1,506 companies with 2,231 cases, resulting in a sales increase of 871.2 billion KRW and the creation of 2,359 jobs.

Lee So-chun, head of the Specialized Enterprise Support Division of the province, said, "We are promoting SME support projects early to revitalize the local economy, which has been stagnant due to concerns about the new coronavirus infection," adding, "We will focus on supporting SMEs that aim to develop or produce new technology products."

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