Ministry of SMEs and Startups Supports Technology Development for Manufacturing SMEs in Mid-Level Technology Sectors

'Manufacturing SMEs Global Competency Enhancement Project' Announcement
Advanced Mid-level Technology Products and New Product Development, 500-600 Million KRW Support Over 2 Years

Conditions for Supporting Technology Development of Small and Medium Enterprises in Mid-Level Technology Fields. [Table=Ministry of SMEs and Startups]

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups (Minister Kwon Chil-seung) announced that it will recruit companies to participate in the 'Manufacturing SMEs Global Competency Enhancement Project,' which supports the strengthening of competitiveness of manufacturing SMEs in the mid-level technology sector, from the 22nd until next month 10th.

'Mid-level technology' refers to industries classified as the 2nd and 3rd stages, 'mid-high' and 'mid-low,' among the four stages of technology intensity classified by the Organisation for Economic Co-operation and Development (OECD).

According to the Korean Standard Industrial Classification (middle category), 11 industries correspond to this, including electrical equipment, chemical products, and machinery manufacturing, accounting for 65% of domestic manufacturing by number of businesses.

This year, the Ministry of SMEs and Startups has newly established a dedicated technology development (R&D) project for mid-level technology manufacturing SMEs to support the advancement of their main products (such as intermediate goods) and new product development, supporting SMEs whose specialization rate (the ratio of sales in the relevant industry to total sales) in the relevant production items is 50% or more.

The project is divided into a 'free proposal type,' which supports tasks freely planned by SMEs, and an 'item-designated type,' which supports tasks related to strategic items discovered through expert analysis by the Ministry.

Applications for the 'free proposal type' tasks start from the 22nd, selecting 20 tasks to support technology development costs up to 500 million KRW over two years. The 'item-designated type' tasks will identify strategic items by April this year and select 15 tasks through a separate recruitment announcement, supporting up to 600 million KRW over two years.

Detailed information can be found on the Ministry of SMEs and Startups website (www.mss.go.kr) and the SME Technology Development Integrated Management System (www.smtech.go.kr). SMEs wishing to participate in the 'free proposal type' tasks can apply online through the 'SME Technology Development Integrated Management System' from the 22nd until next month 10th.

Won Young-jun, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, said, "The mid-level technology sector forms the backbone of our manufacturing industry," adding, "Through this newly established project, we expect that mid-level technology manufacturing SMEs will further strengthen their global capabilities by developing new products that can participate in the global value chain (GVC)."

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