Gyeongbuk Province Launches Regional Vitality Project in Full Swing... Secures 12 Billion Won in National Funding

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Young-wook] Gyeongbuk Province has secured 12 billion KRW in national funding after two projects were finally selected for the Ministry of Trade, Industry and Energy's 'Regional Vitality Project.'

According to Gyeongbuk Province on the 20th, this project is a short-term initiative led by the region to restore the local economic foundation and achieve visible results. It is promoted to shift focus to non-R&D projects, diversify projects, foster new industries, and support strengthening the competitiveness of regional leading manufacturing industries.

The province applied for this project and secured a total project cost of 17.2 billion KRW (12 billion KRW in national funding) over two years. Among the selected projects, the 'Support Project for Advancement and Transition of High-Functionality Vehicle Bodies and E-System Parts' supports local automobile parts companies by upgrading target parts domestically and internationally, producing prototypes based on actual demand, and diversifying demand channels through discovering overseas markets.

Also, the 'Living Safety Textile Material Industry Advancement Project' supports material technology development and process improvement to help transition the existing textile industry into high value-added living and safety textile materials.

Jang Sang-gil, Director of the Science and Industry Bureau of Gyeongbuk Province, said, “This project is planned in areas where companies can feel the impact and see results in a short period, such as product commercialization, prototype production, and overseas market development, which will revitalize the regional manufacturing industry.”

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