Incheon TP Supports Strengthening Competitiveness of Root Companies, the 'Backbone of Manufacturing Industry'... Up to 30 Million KRW per Company

An evaluation committee member of the process automation support project is inspecting issues in the manual process at a root company in Incheon.
[Photo by Incheon Technopark]

[Asia Economy Reporter Park Hyesook] Incheon Technopark (Incheon TP) is stepping up to support the growth of the root industry, which has been suffering from chronic labor shortages due to being stigmatized as a 3D sector.

The root industry refers to sectors fundamental to manufacturing, such as casting, mold making, plastic processing, welding, surface treatment, and heat treatment. It is a crucial foundational industry that determines the market competitiveness of products. Despite its importance, it is undervalued as a 3D sector, and its competitiveness is gradually weakening.

On the 29th, Incheon TP announced that it will prioritize root companies in the Incheon area with annual sales ranging from 1 billion to 30 billion KRW, which have high growth potential, to support leading and modular commercialization, on-site difficulties, and improvements in working conditions to drive job creation.

Leading and modular commercialization includes support for prototype production, technology, certification, product, commercialization, and regulatory response.

On-site difficulty improvements aimed at increasing production volume and reducing product defect rates will be applied to company production sites, including support for upgrading existing equipment and software (SW).

Working environment improvements will help renovate or supplement deficient or faulty parts of manufacturing workplaces and employee welfare facilities, as well as hygiene environments to prevent COVID-19 infections, making the workplace more comfortable.

Incheon TP plans to provide up to 30 million KRW in support per company.

Meanwhile, the Incheon City Consortium, selected in April last year for the Ministry of Employment and Labor’s 'Employment Stability Preemptive Response Package Support Project,' has secured a total project budget of 47.65 billion KRW, including 35.7 billion KRW in national funds over five years, and is conducting customized support projects to enhance the competitiveness of the local root industry in collaboration with industry, academia, research, and government in Incheon.

Last year, 161 root companies were supported, leading to the creation of 1,341 new jobs.

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