New 26.5 Billion KRW Investment in Top 10 Promising Technologies for SMEs in the Land, Infrastructure and Transport Sector

Secured a Budget 4.6 Times Larger Than Last Year
Customized Support from Startup to Growth and Leap

[Asia Economy Reporter Moon Jiwon] The Ministry of Land, Infrastructure and Transport (MOLIT) will support 26.5 billion KRW in research and development (R&D) funding this year to help small and medium-sized enterprises (SMEs) with promising technologies in the land and transportation sector enter the market.

MOLIT announced on the 13th that it has secured a budget of 26.5 billion KRW to strengthen the technological competitiveness and commercialization support of SMEs in the land and transportation sector, and will promote the "Land and Transportation Technology Commercialization Support Project" focusing on the top 10 promising industries with high future growth potential.

The top 10 promising industries include smart cities, green buildings, autonomous vehicles (future cars), drones, automotive aftermarket, smart construction, smart logistics, proptech, spatial information, and railway parts.

The Technology Commercialization Support Project is designed to support SMEs that have directly planned and developed technologies and completed laboratory performance verification (technology readiness level 6 or higher). The purpose is to nurture global strong SMEs and create jobs by supporting SMEs that possess promising technologies but face difficulties securing funding.

This year, MOLIT increased the R&D support budget for SMEs and venture companies by approximately 4.6 times compared to the previous year. Additionally, it has systematized project support tailored to the growth stages of SMEs, such as startups, innovative SMEs, private investment linkage, and demand institution linkage.

First, in the startup project section that supports companies less than seven years old with up to 400 million KRW in research funding, the eligibility conditions have been relaxed to allow companies holding patent applications, not just registered patents, to apply.

Up to 1.3 billion KRW will be provided for technological improvements of promising technologies developed by SMEs, and up to 2 billion KRW in funding will be provided to SMEs that have verified commercialization capabilities and received private investments above a certain amount.

Details on the specific support scale and content can be found in the announcement on the website of the Korea Agency for Infrastructure Technology Advancement. Research funds will be disbursed from April after proposal submission and selection evaluation.

Oh Gongmyeong, head of the Corporate Growth Support Team at MOLIT, stated, "We plan to do our best not only to support technology development for SMEs in the land and transportation sector but also to strengthen SME competitiveness and secure growth engines through commercialization support such as market development to apply developed technologies in the field."

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