Government to Foster Waste Recycling Companies... 1.5 Billion Investment This Year

Products made by GYINC and others selected for the Ministry of Environment's 'Upcycling Enterprise Commercialization Support Project'. (Photo by Moon Chae-seok)

[Asia Economy Reporter Moon Chaeseok] The Ministry of Environment will invest 1.5 billion KRW this year to foster upcycling companies that utilize waste resources.

On the 21st, the Ministry of Environment announced plans to develop the upcycling industry as a representative green new industry that can reduce waste while driving investment and job creation.

From March 11 to 30, the Ministry selected 25 companies out of 125 applicants for the 'Upcycling Company Commercialization Support Project' through the Korea Environmental Industry & Technology Institute website. Based on company size and business experience, they chose 5 stable-stage companies, 10 growth-stage companies, and 10 startup-stage companies.

Among the 5 stable-stage companies, GYIENC is a representative multi-material upcycling company. 'More Than,' known for BTS bags, is an automotive leather seat upcycling company, and has collaborated with luxury brands such as Chanel, Louis Quatorze, and Marimond.

The Ministry of Environment will provide a total of 800 million KRW in commercialization funds to the 25 companies. Depending on the growth stage, each company will receive between 10 million and 100 million KRW. The funds can be used for up to 8 months and are intended for new product development, distribution and production advancement, promotion, and market expansion.

In the second half of this year, the Ministry will support market expansion by operating temporary stores dedicated to upcycling products in cooperation with Hyundai Department Store, participating in various exhibitions, and dispatching market development teams to advanced countries. Approximately 500 million KRW will be invested in market expansion.

The remaining 200 million KRW will be used for operational expenses such as on-site inspections and business trips.

Additionally, market development teams will be dispatched to upcycling advanced countries such as Switzerland, Denmark, and Finland to further support exports.

Kim Dong-gu, Director of Environmental Economic Policy at the Ministry of Environment, said, "We will create an opportunity to recognize the value of waste as an economic resource through fostering upcycling companies," adding, "We will actively promote various support measures so that young people's creative and innovative ideas can lead to the birth of world-class upcycling luxury companies and the creation of high value-added environmental jobs."

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