Chungnam, Restructuring and Fostering Three Major Regional Industries Including Next-Generation Displays

[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province is fostering eco-friendly mobility, smart human bio, and next-generation displays as the region's three major key industries. This aims to expand and advance the existing key industry sectors such as the regional balanced New Deal and regulatory free zones projects.

The province announced on the 23rd that it will promote the "Regional Specialized (Key) Industry Development Support Project" with these contents.

Earlier, in response to changes in the economic and social environment such as the transition to non-face-to-face and digital due to COVID-19, the province pushed for the restructuring of regional key industries in the second half of last year and established and finalized the "Chungnam Regional Industry Promotion Plan," which includes corporate development strategies and budget investment plans reflecting the restructuring direction.

The support project to be promoted as an extension of the promotion plan will focus on recruiting local small and medium-sized enterprises (SMEs) in the relevant fields and intensively fostering them with a budget of 16.7 billion KRW.

First, the province will restructure the eco-friendly mobility sector from focusing on eco-friendly automobile parts to mobility centered on hydrogen vehicles and mobile devices.

Smart human bio will be promoted to maximize synergy effects with regional New Deal projects such as smart medical infrastructure, including bio-food, beauty, and healthcare (devices and materials, etc.).

In particular, to secure continuous competitive advantages in the display industry sector with high regional specialization, the province plans to strengthen support for next-generation display devices such as Flexible OLED (Organic Light Emitting Diode) and Micro LED.

To foster these industries, the province plans to invest 10.6 billion KRW in research and development (R&D) support and 6.1 billion KRW in commercialization support such as marketing, prototype production, and patent acquisition.

SMEs wishing to participate in the project must submit an application through the Comprehensive Management System for SME Technology Development Projects.

Details on the R&D support project can be found in announcements on the Korea Institute for Advancement of Technology and Chungnam Regional Project Evaluation Group websites or by contacting the Chungnam Regional Project Evaluation Group.

A provincial official said, "In the overall economic downturn caused by COVID-19, restructuring regional key industries linked to regional New Deal projects is essential," adding, "The province will enhance the competitiveness of local companies and promote economic revitalization based on the implementation of support projects and strengthened cooperation with central government ministries."

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