Gyeonggi-do Supports Promising Materials, Parts, and Equipment Companies to Become Strong Small Giants

Bundled Support Within 75 Million Won Range for Prototype Production, Patents, and Market Development

Reference photo [Asia Economy DB]

[Asia Economy Reporter La Young-cheol] Gyeonggi Province is launching customized projects to nurture promising materials, parts, and equipment (SoBuJang) companies into strong small and medium enterprises.

The new projects include three initiatives: 'Materials, Parts, and Equipment Company Development Support Project,' 'Large, Medium, and Small Enterprise Technology Exchange Support Project,' and 'SoBuJang Government Project Participation Consulting.'

On the 15th, the province announced, "This year, the scale of new projects is set at around 2 billion KRW, and the budget will gradually expand depending on the project outcomes."

The 'SoBuJang Company Development Support' project aims to help companies in the SoBuJang sector with high-potential technologies but facing commercialization difficulties to leap forward as strong enterprises through customized support.

The target companies are those within the province that have been producing, manufacturing, or developing materials, parts, and equipment since before March 5, 2018. Twenty companies will be selected based on a comprehensive evaluation of growth potential, safety, technology, and business feasibility.

Selected companies can receive support up to 75 million KRW for prototype production, patents, certifications, and market development. Facility investments such as digitalization of manufacturing processes or the introduction of robotic systems to improve productivity are also included.

The 'Large, Medium, and Small Enterprise Technology Exchange Support' for SoBuJang technology localization promotes technology exchange between small and medium SoBuJang companies and large and medium-sized enterprises within the province, aiming to solve technical challenges and secure domestic market channels, thereby creating a foundation for mutual growth.

In March, the province plans to facilitate matching between 20 small and medium SoBuJang companies acting as technology suppliers and large and medium enterprises.

Especially, for projects where supply and demand companies have signed purchase agreements, costs necessary for technology development and commercialization will be supported up to 70 million KRW.

The 'SoBuJang Government Project Participation Consulting' is a newly introduced project to increase the utilization of government public projects by SoBuJang small and medium enterprises lacking planning capabilities.

About 20 companies will be selected through document and on-site evaluations among SoBuJang companies operating main offices or registered factories within the province.

Experts will be connected 1:1 to provide training on how to write business plans and presentation skills. Companies can receive support project information through business status diagnosis.

No Tae-jong, Head of the Specialized Enterprise Support Division, stated, "This year, we plan to focus support on commercialization and strengthening corporate capabilities following technology development," adding, "We will lay the foundation to leap forward as a technology powerhouse leading the global market."

The application period for these new projects is until the 5th of next month.

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