Ministry of Land, Ministry of SMEs, and Ministry of Industry Collaborate to Strengthen Competitiveness of Railway Companies in Overseas Expansion

Provision of Key Support Project Information by Each Ministry at the Joint Online Briefing on the 18th

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[Asia Economy Reporter Kangwook Cho] The government will hold a "Joint Ministry Briefing on Support Projects for Railway Sector Companies" targeting mid-sized and small railway companies.

The Ministry of Land, Infrastructure and Transport announced on the 17th that it will hold an online joint ministry briefing on support projects for mid-sized and small railway companies, which are being promoted by each ministry including the Ministry of SMEs and Startups and the Ministry of Trade, Industry and Energy, at 2 p.m. on the 18th.

This briefing is designed to help railway companies better understand the contents of government-led support projects, provide information on specific methods and procedures to receive support, and strengthen the growth of the domestic railway industry and its competitiveness in overseas expansion. In accordance with COVID-19 social distancing guidelines, the number of on-site personnel is limited to fewer than 20, and all railway companies are participating online. About 50 mid-sized and small railway companies and around 100 related personnel will attend.

At the briefing, the Korea Railroad Association will first introduce the "Support Project for Acquiring International Certification for Railway Supplies," the "Global Railway Training Course," and the "International Railway Expert Course." The Ministry of SMEs and Startups’ Technology Development Division will explain the details and application procedures for the "New Product Development Project with Purchase Conditions" and the "Technology Development Project for Products Conforming to Overseas Certification Standards." Then, the Korea Institute for Advancement of Technology will introduce the Ministry of Trade, Industry and Energy’s "World Class Plus" project, which supports mid-sized companies and candidate mid-sized companies with technological development potential.

Finally, the Ministry of Land, Infrastructure and Transport’s newly established Corporate Growth Support Team, created last year to support innovative SMEs and startups in the land and transport sector, will provide detailed explanations on the "Land and Transport Innovative Enterprise Fostering Strategy," which includes financial investment support, market development support, and opportunities for communication and promotion.

Kim Seontae, Director of the Railway Bureau at the Ministry of Land, Infrastructure and Transport, said, "Since starting the support project for acquiring international certification for railway supplies in 2018, six of our technologies, including the top-and-bottom opening type screen door, successfully obtained international certification last year for the first time." He added, "I hope that through this event, more railway companies will participate in government support projects this year and achieve good results. I also expect our railway industry to expand its horizons overseas, realize its potential, and play an important role in revitalizing the Korean economy."

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