Daegu City Invests 16.1 Billion Won to Help Manufacturing Industry Overcome 'COVID-19' Crisis
Ministry of Industry Supports 'Regional Vitality Project'... Focus on Auto Parts, Cosmetics, and Food Sectors
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[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Daegu City announced on the 8th that it will invest 16.1 billion KRW in national and city funds over the next two years to promote the 'Regional Vitality Project' to help the local manufacturing industry struggling due to the spread of the novel coronavirus infection (COVID-19).
The Regional Vitality Project is a Ministry of Trade, Industry and Energy-led initiative promoted as a national balanced development government priority task, implemented since last year to resolve crises faced by key industries and revitalize the industrial ecosystem.
Especially this year, to support small and medium-sized enterprises in the Daegu area directly affected by COVID-19 and to overcome the local economic downturn, two additional sectors?automotive parts and cosmetics & food?were designated. The government will provide 12 billion KRW in national funds per project over two years, and Daegu City plans to match this with 4.1 billion KRW in city funds, reflected in the supplementary budget.
The city will focus support on product commercialization, prototype production, and overseas market development in the automotive parts and cosmetics & food sectors through this project. Additionally, it will support mid- to long-term competitiveness enhancement by transforming the automotive parts industry structure toward future-oriented vehicles and establishing facilities for cosmetics efficacy evaluation.
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Baek Dong-hyun, Director of Innovation Growth Bureau of Daegu City, said, "Urban industries such as automotive parts and cosmetics & food are high value-added industries and promising export sectors that represent Daegu City's future growth engines, but they have suffered significant damage due to the COVID-19 crisis." He added, "This project is expected to greatly help minimize damage to local companies and overcome the economic downturn."
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