Incheon TP Invests 2.8 Billion KRW to Build Smart Factories for Manufacturing Companies... Up to 20 Million KRW per Company

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) supports the establishment of smart factories to help small and medium-sized manufacturing companies innovate their manufacturing processes and strengthen corporate competitiveness.

A smart factory is a customized factory that integrates all manufacturing processes from product planning and design to distribution and sales using Information and Communication Technology (ICT), optimizing production systems by enhancing productivity and energy efficiency, and reducing product defect rates.

Incheon TP plans to provide 2.8 billion KRW in funding to ease the burden of adopting smart factories for manufacturing companies struggling due to COVID-19. This amount is about 1.1 billion KRW more than last year.

The support targets companies participating in the Small and Medium Venture Business Administration’s smart factory dissemination and expansion projects for new establishment and advancement this year.

The Small and Medium Business Administration supports 50% of the total project cost (up to 200 million KRW) for smart factory dissemination and expansion. The support is up to 100 million KRW for new establishment and up to 150 million KRW for advancement.

The remaining half is the company’s burden, and Incheon TP plans to select around 168 companies and support up to 20% of the company’s burden, with a maximum of 20 million KRW per company.

An Incheon TP official stated, "In the era of the Fourth Industrial Revolution, smart factories are not a choice but a necessity," adding, "We will carry out various support projects such as consulting, education, and follow-up management related to smart factory establishment to help manufacturing innovation of companies in the Incheon region."

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