Korea Environment Corporation Provides a Total of 4.7 Billion KRW to Small and Medium Enterprises for Improving Environmental Issues in Incheon

[Sejong=Asia Economy Reporter Joo Sang-don] The Korea Environment Corporation under the Ministry of Environment announced on the 16th that it will select 10 small and medium-sized enterprises (SMEs) and mid-sized companies possessing green innovation technologies and facilities to apply them to improve local environmental issues through the 'Green Innovation Win-Win Cooperation Project.'

With a total budget of 4.7 billion KRW, this project is characterized by the joint support from the government, local governments, and large corporations for companies with environmental improvement technologies and facilities, applying them to companies in need of related facilities within Incheon City. Following the selection of 13 companies last year, this is the second year of the project.

Through the Green Innovation Win-Win Cooperation Project, the Ministry of Environment and the Korea Environment Corporation select companies equipped with green innovation technologies and facilities such as reducing environmental pollutants and provide administrative and financial support.

Incheon City, together with Incheon Technopark and the Incheon Chamber of Commerce and Industry, supports the selected companies in this project to help solve local environmental problems by ▲ discovering local companies in need of innovative facilities ▲ linking project funds (20% of the total project cost, up to 200 million KRW) ▲ conducting follow-up inspections and subsequent research and development.

Local large corporation SK Incheon Petrochemicals assists by providing test facilities (test beds) and on-site diagnosis of specialized technologies to the selected companies using its proprietary expertise.

The support targets SMEs and mid-sized companies that hold full or partial rights to the relevant technologies, such as those for reducing air pollutants. The application period is from the 12th to the 19th of next month, and selected companies can receive support of up to 600 million KRW per project, covering up to 60% of the costs for innovative technology facilities and installation.

Jang Jun-young, Director of the Korea Environment Corporation, said, "This project will be a great opportunity for companies with advanced environmental technologies and local companies willing to improve the environment but facing difficulties in facility investment. We hope that through the successful establishment of this project, local environmental issues will be improved and the environmental industry will be fostered."

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