Daegu City Shows Remarkable Results in 'Star Enterprise Development Project,' a Ladder for Corporate Growth

136 Companies Succeed in Scale-Up of 'Growth Projects' Since 2007
'Global Desk' Customized Overseas Market Development Projects Also Show Great Effectiveness

Daegu City's Growth Ladder-Type Development System.

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Jae-ho] Daegu City's 'Star Enterprise Development Project' has firmly established itself as a leading policy for fostering small and strong enterprises in South Korea.

According to Daegu City on the 20th, the 'Star Enterprise Development Project,' which marked its 14th year this year since 2007, has achieved many results despite the difficult local economy and poor business environment, becoming a benchmark for central government ministries and other local governments.

As a result of Daegu City's full-scale nurturing through the Daegu-type corporate growth ladder system, a total of 136 companies (including 26 this year) have successfully scaled up from small enterprises to medium-sized enterprises and then to mid-sized enterprises since 2007.

In particular, Daegu City has been conducting the 'R&D Project Discovery and Planning Support Project' targeting local companies struggling with a lack of R&D experts and experience, investing 16.2 billion KRW in 45 cases this year.

Since 2015, the 'R&D Project Discovery and Planning Support Project' has achieved 153 cases and 68.6 billion KRW. This is an outcome 40 times the budget invested in planning support, and it is evaluated as contributing to enhancing the capabilities of local companies and creating new growth engines.

The 'Global Desk,' a support project for pioneering overseas markets, is also producing remarkable results through customized support for companies such as overseas exhibitions, local visit consultations, marketing and product upgrading, and testing and analysis.

For example, Ilsin Plastic Co., Ltd., a star company in automotive parts, had no export performance but, with Daegu City's support for pioneering the Japanese export market, signed contracts worth 18.57 million USD since 2019 and achieved exports of 20,000 USD in September 2020, 49 years after its founding.

Many companies have also achieved good results in central government policy projects. In 2020, among five companies in the Daegu area selected for the Ministry of Trade, Industry and Energy's next-generation world-class products, four were star companies, and two local companies were included in the Ministry of SMEs and Startups and Ministry of Environment's '2020 Green New Deal Promising Companies 100.'

Daegu Mayor Kwon Young-jin stated, "In 2021, we will further strengthen the corporate growth ladder system by discovering future industry groups leading the 4th Industrial Revolution through support for R&D project discovery and planning and innovation growth in the digital non-face-to-face sector."

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