Supporting SoBuJang Companies' Overseas Expansion... International Technology Cooperation Assistance

Ministry of Trade, Industry and Energy Announces New Projects for Global Demand-Linked Technology Development Program on the 12th

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy will announce the new support projects for the first half of this year for the 'International Joint Technology Development Project Linked to Global Demand in Industrial Technology International Cooperation' on the 12th.

This project supports international joint technology development between domestic material, parts, and equipment (SoBuJang) companies and global corporations based on the demand of global companies. Through this, it promotes the overseas market entry and Global Value Chain (GVC) participation of domestic SoBuJang companies equipped with technological capabilities.

From the perspective of global companies, joint technology development with domestic SoBuJang companies allows them to verify the performance of new materials and parts, improve technology, and secure new product supply chains.

In the pilot project conducted last year, a total of five consortia were finally selected and supported, including Seoul Robotics' development of an 'Autonomous Driving LiDAR Perception System' based on the demand from Germany's BMW Group. Starting this year, the focus is on fields with significant technological and economic ripple effects such as the annual sales scale of global companies, future growth potential in the global value chain, and areas that can effectively support technological innovation of domestic companies. Selected companies will receive up to 3 billion KRW over the next three years for international joint technology development costs.

The Ministry of Trade, Industry and Energy plans to create opportunities for meetings between global foreign-invested companies and promising domestic companies this year to induce the discovery of global demand sources for domestic SoBuJang companies.

Kim Sangmo, Director of Industrial Technology Convergence Policy at the Ministry of Trade, Industry and Energy, stated, "With the recent strengthening of global trade disputes and supply chain disruptions leading to the reorganization of the global value chain, it is a good opportunity for our SoBuJang companies possessing core technologies to newly enter the GVC." He added, "We will support domestic companies to sufficiently verify technological reliability through pre-global research and development (R&D) cooperation with overseas companies within the highly advanced industrial value chain worldwide and to eventually expand into overseas markets."

Detailed information can be found on the Ministry of Trade, Industry and Energy website and the Korea Institute for Advancement of Technology website.

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