'Manufacturing-Service Collaboration' Business Model Creation... Gyeonggi-do Supports 7 Companies This Year

Payment of 25 million to 50 million KRW Based on Application Company Project Evaluation Scores

Gyeonggi Provincial Government

[Asia Economy Reporter La Young-cheol] Gyeonggi Province is taking steps to create new business models and improve management conditions for small and medium-sized enterprises (SMEs) through the convergence of manufacturing and service industries.

On the 17th, Gyeonggi Province announced that it will promote the "2021 Manufacturing-Service Industry Convergence Project Development and Support" and recruit participating SMEs.

Eligibility for support includes service-based SMEs registered in the province as of the announcement date that possess excellent convergence projects (consortiums are also allowed). This year, seven companies will be selected through evaluations such as document and expert reviews.

The proposed projects fall into three categories: 'Manufacturing Support,' which aims to improve manufacturing process efficiency; 'Manufacturing Derivatives,' which expands revenue bases by enhancing product value through maintenance and management; and 'Manufacturing Convergence,' which creates added value by developing service-converged products.

Selected companies will receive commercialization funds up to 50 million KRW based on their evaluation ranking, and companies with high business performance and growth potential will have the opportunity for follow-up support within a maximum range of 10 million KRW through performance evaluations.

The 'Manufacturing-Service Industry Convergence Project' was first introduced in 2018 to promote regional economic growth and expand investment in the service industry. Its purpose is to secure new growth engines through industry convergence and discover promising companies with excellent commercialization models.

When companies propose projects that combine manufacturing and service industries?such as integrating service elements into products or adding products to strengthen services?to Gyeonggi Province, funds are provided through evaluations to commercialize these projects.

A provincial official stated, "We plan to improve the management conditions of companies by discovering excellent commercialization models and supporting product-service development and market expansion."

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