Gwangju City Provides 2 Billion Won Support for 'Smart Factory Distribution and Expansion'

[Asia Economy Honam Reporting Headquarters Reporter Park Seon-gang] Gwangju Metropolitan City announced on the 12th that it will provide 2 billion KRW in support through the ‘Smart Factory Distribution and Expansion Support Project’ for the smart manufacturing innovation of small and medium-sized enterprises (SMEs) and mid-sized companies.

The ‘Smart Factory Distribution and Expansion Support Project’ is a program aimed at strengthening the competitiveness of local SMEs and mid-sized companies and creating quality jobs in preparation for the Fourth Industrial Revolution, artificial intelligence, and the transition to a data economy. It supports the construction or advancement of smart factories based on information and communication technology (ICT) and the Internet of Things (IoT).

Last year, 58 companies received unified support of up to 40 million KRW within 20% of the total project cost for new construction and advancement.

This year, differentiated support will be provided by stage: up to 20 million KRW for the basic stage and up to 50 million KRW for advancement, aiming to strengthen the foundation for regional smart manufacturing innovation through smart factory advancement.

This project is a national agenda of the Ministry of SMEs and Startups, targeting the distribution of more than 30,000 smart factories nationwide by 2022. Selected companies will receive national funding covering up to 50% of the total project cost, with a maximum of 70 million KRW for the basic level and up to 400 million KRW for advancement.

Accordingly, Gwangju City will match 20% of the total project cost (up to 50 million KRW) to reduce the corporate burden (50% of the total project cost) for local SMEs and mid-sized companies selected for the Ministry of SMEs and Startups project.

Additionally, to promote regional smart manufacturing innovation, various projects will be implemented to strengthen the competitiveness of local SMEs and mid-sized companies, including pre- and in-depth consulting for smart factories, smart factory workforce training education, and operation of a comprehensive smart factory support center.

Detailed information on support targets, support contents, and support conditions for each company can be found in the announcements posted on the city’s official website and the Gwangju Technopark website.

Son Hang-hwan, Director of Corporate Development at the city, said, “Until last year, we focused on the distribution and expansion of smart factories. This year, we will support local SMEs not only in expanding the base of smart factories but also in advancing smart factories and smart manufacturing innovation to strengthen manufacturing competitiveness based on artificial intelligence (AI) and data.”

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