15 Companies Finalized as ‘Jeonbuk Region Star Enterprises’ This Year

Jeonbuk Province Growth Ladder Development System. Photo by Jeonbuk Province Provided

[Asia Economy Honam Reporting Headquarters Reporter Kim Tae-in] Jeonbuk Province and the Jeonbuk Technopark Foundation have selected 15 companies with high growth potential and excellent job creation performance as the 2020 ‘Jeonbuk Regional Star Companies’ and have begun full-scale support.

The ‘Star Company Development Project’ is a program that designates and nurtures a total of 76 companies as Jeonbuk Star Companies from 2018 to 2022. It targets companies that meet regional specialization indicators such as an average sales revenue of 5 billion to 40 billion KRW over the past three years, an average sales growth rate of over 5% in the past five years, an average R&D investment ratio of over 1%, and a regular employee ratio of over 70% among permanent workers, supported by the Ministry of SMEs and Startups and Jeonbuk Province.

According to Jeonbuk Province on the 6th, a total of 25 companies participated in the recruitment of participating companies from February 10 to March 20, resulting in a competition rate of 1.7:1 for the selection of 15 companies. On-site evaluations and presentation evaluations were conducted in April, and the final 15 companies were selected.

The companies selected as Jeonbuk Regional Star Companies this year are Daeyoung Engineering Co., Ltd. in Gunsan City, Giwon Electronics Co., Ltd. in Iksan City, Agricultural Corporation E&Food Co., Ltd. in Gimje City, Hanpoong Nature Farm Co., Ltd. in Wanju County, Hanseong Industrial Co., Ltd. in Gunsan City, TNS Industry Co., Ltd. in Iksan City, Woosoo Converting Co., Ltd. in Wanju County, Dongwon Plastic Co., Ltd. in Iksan City, Saerom Co., Ltd. in Iksan City, Lumicom Co., Ltd. in Jeonju City, Dongyi Food Co., Ltd. in Iksan City, Gayami Co., Ltd. in Iksan City, Joil Metal Industry Co., Ltd. in Gunsan City, Tobaki Sunchang Food Co., Ltd. in Sunchang County, and Daesung Precision Co., Ltd. in Gunsan City.

Companies designated as Star Companies will receive continuous support to resolve technical and managerial difficulties through the assignment of a dedicated PM (Project Manager). They will also receive support for various programs such as technology innovation activities and export support for overseas market expansion within an annual limit of 45 million KRW. In the year following their selection, they can also receive commercialization R&D support of up to approximately 200 million KRW through a restricted competitive public offering.

Additionally, the 16 companies selected as Star Companies last year have shown concrete results such as a 3.3% increase in sales compared to the previous year and the creation of 202 new jobs, raising expectations for continuous development and revitalization of the regional economy in the future.

Na Seok-hoon, Head of the Job Economy Headquarters of Jeonbuk Province, said, “The Star Company Development Project is the fourth stage support project of Jeonbuk Province’s five-stage growth ladder nurturing system.” He added, “We will do our best to ensure that the companies selected as Star Companies contribute to revitalizing the local economy, which has been depressed due to COVID-19, and further leap forward as global companies, becoming a pillar of Jeonbuk’s economy in the post-COVID era.”

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