Ministry of SMEs and Startups and Ministry of Environment to Foster 100 'Green New Deal Promising Companies'

Recruiting 40 Companies This September, Total 100 Companies by 2022
Budget of 40.7 Billion Won, Selected Companies Supported Up to 3 Billion Won Over 3 Years

On the morning of June 26, at the Korea Environmental Industry & Technology Institute in Eunpyeong-gu, Seoul, Park Young-sun, Minister of SMEs and Startups (right), and Cho Myung-rae, Minister of Environment (left), posed for a commemorative photo after signing the "Ministry of Environment-Ministry of SMEs and Startups Business Agreement for the Innovative Growth of Green SMEs and Venture Companies." Photo by Yonhap News.

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups and the Ministry of Environment announced on the 19th that they will select 100 promising 'Green New Deal' companies by 2022. The two ministries plan to accept applications from interested companies until the 10th of next month and prioritize selecting 40 companies around September.

The 100 Promising Green New Deal Companies project is part of the government's Green New Deal policy, aiming to initially select 40 promising Green New Deal companies through this initiative. After receiving applications from interested companies by the 10th of next month and conducting evaluations, the final selection will be made in September. Selected Green New Deal companies can receive up to 3 billion KRW in funding over three years for technology development and commercialization.

The Ministry of SMEs and Startups focuses on supporting innovative small and medium enterprises in the green technology sector through the research and development-centered 'Green Venture Program.' The Ministry of Environment concentrates on nurturing SMEs in five leading fields?clean air, resource circulation, biology, smart water, and thermal energy?through the commercialization-centered 'Green Innovation Enterprise Growth Support Program.'

Earlier, on June 26, the Ministry of SMEs and Startups and the Ministry of Environment signed a memorandum of understanding to efficiently implement government Green New Deal measures such as the Promising Green New Deal Companies project and to support the innovative growth of green SMEs. The two ministries plan to form a policy council for detailed discussions on future business cooperation matters and maintain close communication.

Won Youngjun, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, stated, “A total budget of 40.7 billion KRW has been allocated through the third supplementary budget to foster promising Green New Deal companies for strategic responses to future climate change and environmental crises. Since full support will be provided to green ventures, we plan to involve a public evaluation group in the assessment to build national consensus.”

Kim Donggu, Director of Environmental Economy Policy at the Ministry of Environment, said, “Through the Green Innovation Enterprise Growth Support Program, we expect to create a foundation for promising green SMEs to grow into green unicorns leading the entire green industry. This collaboration between the Ministry of Environment, responsible for green industry policies, and the Ministry of SMEs and Startups, responsible for SME policies, will be a good example of enhancing business effectiveness.”

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