Korea Federation of SMEs, Ministry of Trade and Korea Institute of Industrial Technology Join Hands for 'Root Industry' Cooperation

From the left, Kim Ki-moon, President of the Korea Federation of Small and Medium Business, Sung Yun-mo, Minister of Trade, Industry and Energy, and Lee Nak-gyu, President of the Korea Institute of Industrial Technology, are posing for a commemorative photo at the public-private root industry cooperation agreement ceremony held on the 28th at the Root Technology Support Center in Siheung-si, Gyeonggi-do.

[Asia Economy Reporter Kim Heeyoon] The public-private partnership is signing the first official tripartite agreement to foster the root industry.

The Korea Federation of SMEs announced on the 28th that it signed a 'Root Industry Business Agreement (MOU)' at the Root Technology Support Center in Siheung-si, Gyeonggi Province, attended by Kim Gi-moon, Chairman of the Korea Federation of SMEs, Sung Yun-mo, Minister of Trade, Industry and Energy, and Lee Nak-gyu, President of the Korea Institute of Industrial Technology.

According to this agreement, the Ministry of Trade, Industry and Energy will establish a next-generation root industry ecosystem by improving related laws and securing support budgets. The Korea Federation of SMEs will discover root companies eligible for support from the newly established Materials, Parts, and Equipment Industry-Academic Cooperation Group starting this year. The Korea Institute of Industrial Technology will provide on-site support such as resolving technical difficulties faced by root companies.

The Materials, Parts, and Equipment Industry-Academic Cooperation Group support project is a program that resolves technical difficulties experienced by root companies based on root technologies possessed by universities. The Korea Federation of SMEs plans to discover and recommend companies facing difficulties by June this year.

After signing the MOU, during a meeting with the Minister of Trade, Industry and Energy, chairpersons of root industry associations such as surface treatment, casting, mold, and forging proposed development policies including ▲establishment of a specialized education center for the root industry ▲improvement of support systems such as the 'status elevation' of root centers ▲provision of dedicated policy funds for the root industry ▲incentives for excellent companies adjusting delivery prices between large and small-medium enterprises.

In response, Minister Sung said, "We will positively promote the establishment of the education center, incentives for excellent companies adjusting delivery prices, and improvement of support systems, and will review dedicated funds in the mid to long term."

Meanwhile, prior to the meeting, Chairman Kim, Minister Sung, and President Lee visited Dongwon Parts, a semiconductor parts company.

Chairman Kim stated, “In preparation for the post-COVID era, we will support innovation activities in the root industry such as the expansion of smart factories, and discover difficulties and develop policies so that the diverse voices from root companies can be reflected in government policies.”

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