Ministry of Industry Invests 20.3 Billion KRW in Eco-Friendly Process Improvements for 300 SMEs
[Sejong=Asia Economy Reporter Kwon Haeyoung] The government will invest 20.3 billion KRW this year to support eco-friendly process improvements and equipment supply at 300 business sites.
The Ministry of Trade, Industry and Energy announced on the 7th that it will implement the "Clean Factory Establishment Support Project within Industrial Complexes" to support carbon-neutral transition and the Green New Deal for small and medium-sized enterprises (SMEs) and mid-sized companies. The scale of the project has been significantly expanded compared to last year, when 3.1 billion KRW was provided to 98 business sites.
This project is implemented to reduce the four major pollutants (greenhouse gases, fine dust, hazardous chemicals, and waste) generated in the production processes of SMEs and mid-sized companies within industrial complexes. The Ministry plans to provide an average of 60 million KRW (up to 120 million KRW) in government subsidies to selected business sites for eco-friendly process improvements and equipment supply. SMEs can receive up to 75% subsidy, and mid-sized companies up to 50%.
This year, to enhance the project’s effectiveness, the ministry plans to ▲expand the support scope (from 7 Smart Green Industrial Complexes to all industrial complexes) ▲increase the average support unit cost (from 24 million KRW to 60 million KRW) ▲strengthen linkage with other projects and expand selection and support for excellent business sites (up to 300 million KRW in national funds) ▲and promote the establishment of representative business sites.
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Hwang Suseong, Director of Industrial Policy at the Ministry of Trade, Industry and Energy, said, "The Clean Factory Establishment Project is an essential initiative for the carbon-neutral transition of SMEs and mid-sized companies," adding, "As the project scale is significantly expanded this year, I hope more companies participate and that it serves as a catalyst to induce low-carbon and eco-friendly transformation of businesses."
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