Busan Expands Support Scope for 'ICT Convergence Excellent SMEs' Program

For Small and Medium Enterprises within a 10km Radius of Munhyeon Financial Complex

A map showing the scope of the ICT convergence sector business support project.

[Asia Economy Yeongnam Reporting Headquarters, Reporter Kim Yong-woo] Busan City and Busan Technopark announced on the 29th that they will carry out the ‘ICT Convergence Sector Enterprise Support Project’ to focus on fostering the intelligent information service sector within the National Innovation Convergence Complex.

The support targets are small and medium-sized enterprises (SMEs) and mid-sized companies in the intelligent information service (ICT sector) located within the Busan National Innovation Convergence Complex or within a 10 km radius nearby, or those planning to relocate or newly establish within the National Innovation Convergence Complex. The application period is until June 12.

This project is promoted as part of the Ministry of Trade, Industry and Energy’s ‘Regional Innovation Cluster Development Project.’ It is a project designed to foster regional representative new industries (intelligent information services) and create an innovation ecosystem by linking regional hubs such as existing innovation cities and industrial complexes, and it is operated by Busan Technopark.

This enterprise support project is carried out in two areas: ‘Pre-Production’ and ‘Commercialization Support.’ Pre-Production supports the selection of central government projects such as those from the Ministry of Trade, Industry and Energy and the Ministry of SMEs and Startups, assisting with business plan writing and pre-visualization simulation production. Commercialization Support plans to provide customized services such as product performance and design improvement, testing and certification, and patent support for technologies and services that can be commercialized in a short period. Short- and mid- to long-term management consulting will be mandatorily linked to actively respond to corporate management difficulties.

The support scale is up to 35 million KRW per pre-production task and up to 50 million KRW per company for commercialization support.

This year, to support local companies struggling due to the novel coronavirus disease (COVID-19), the scope of business support has been significantly expanded from the designated base within the Busan National Innovation Convergence Complex to within a 10 km radius, allowing more companies to benefit.

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