Government Selects 247 Additional 'National Representative Innovative Companies'

[Asia Economy Reporter Kim Hyo-jin] The government has additionally selected 247 "National Representative Innovative Companies" to lead innovative growth.

According to the government on the 6th, the Financial Services Commission, Ministry of Trade, Industry and Energy, Ministry of SMEs and Startups, Ministry of Science and ICT, Ministry of Health and Welfare, and Ministry of Oceans and Fisheries have selected 247 companies for the second round following the first, which will receive various forms of financial and non-financial support under the "Innovative Companies National Representative 1000" program.

Promising companies from fields such as advanced manufacturing and automation, chemicals and new materials, energy, and information and communications were all included.

The financial authorities will support these companies' financial activities through the "Innovative Companies 1000 Financial Difficulty Support Group," composed of practitioners from policy financial institutions.

They plan to compile financial support performance monthly and survey satisfaction and difficulties with the support program every six months to identify areas for improvement.

The management improvement effects, such as changes in sales and employment of innovative companies resulting from financial support, will also be continuously monitored and reflected in future support for innovative companies in each sector.

Companies that are found to have failed in technology mass production and dissemination, lack marketability of technology, or have their going-concern value seriously damaged due to social issues will be excluded from the innovative companies list, and replacement companies will be selected in the next round.

In July, the government resolved the "Comprehensive Financial Support Plan for Innovative Companies National Representative 1000" at the 12th Emergency Economic Central Countermeasures Headquarters meeting and decided to select more than 1,000 companies by 2022.

In the first round, 32 companies were selected in new industries, materials, parts, and equipment sectors.

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