Gyeongbuk Province, Top Excellence in Ministry of SMEs and Startups' 'Regional Industry Promotion Evaluation' ... Secures 1.5 Billion KRW in National Funding

Last Year, 20.6 Billion Invested Achieving 131% New Employment and 553% Commercialization Sales

More than 250 employees of the Gyeongbuk Provincial Government, including Governor Lee Cheol-woo, are participating in the "Thanks Challenge" on May 6.

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Dong-wook] Gyeongsangbuk-do announced on the 23rd that it received the highest S grade in the performance evaluation of the '2020 Regional Industry Promotion Project' hosted by the Ministry of SMEs and Startups, securing 1.5 billion KRW in national funding.

The Ministry of SMEs and Startups annually evaluates the regional industry promotion performance of 14 local governments excluding the metropolitan area and provides incentives differentially according to the grade. The evaluation is comprehensively conducted by reviewing the local governments' efforts in performance management, project outcomes, and best practices.

Gyeongbuk Province, together with Gyeongbuk Technopark, invested 20.6 billion KRW last year alone to support technology development, prototype development, and export support in key industries such as intelligent digital devices, bio-beauty, high-tech plastic processing, and functional textiles to foster local companies.

As a result of the province's interest and support, excellent quantitative achievements were made with 131% of the target in new job creation and a 553% increase in commercialization sales. Qualitative achievements were also highly evaluated by creating numerous successful cases of companies through demand-customized linked projects.

Ace Nanochem Co., Ltd. is the only domestic manufacturer of colloidal silica and succeeded in developing semiconductor polishing products through joint development with SK Hynix, filing numerous patents and being selected as the 'SK Hynix Technology Innovation Company' in 2019. Geumchang Co., Ltd., a leading company in vehicle hinge component modules, achieved 8 intellectual property rights, 3.6 billion KRW in new sales of developed products (as of 2019), 250,000 USD in exports, and ranked 5th in global competitiveness.

Jeon Woo-heon, Deputy Governor for Economic Affairs, said, "Despite difficult internal and external conditions, we have achieved many improvements and results through continuous innovation and were able to support the growth of local companies," adding, "We will continue to do our best to serve as a stepping stone for the growth of local companies."

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