Ministry of SMEs and Startups Calls for Local Governments to Join 'Smart Innovation District'... 4 Billion KRW Support

'Public-Private Partnership for Creating Smart Innovation Zones for SMEs and Ventures'
Building Smart Infrastructure in SME-Dense Areas... 4 Billion KRW Support Over 2 Years

[Asia Economy Reporter Junhyung Lee] The Ministry of SMEs and Startups announced on the 6th that it will recruit two local governments to participate in the 'Public-Private Partnership SME Smart Innovation Zone Development Project.' The application period is from the 24th of this month to the 25th of next month.

The Smart Innovation Zone project supports the creation of smart platforms that individual companies find difficult to establish in underdeveloped areas densely populated with small and medium-sized enterprises (SMEs). The smart platform is an intelligent system that SMEs can use collectively. The Ministry of SMEs and Startups is launching this project for the first time this year.

Areas densely populated with SMEs have historically played a central role in regional production and employment, acting as the backbone of the local economy. However, growth has slowed due to the Fourth Industrial Revolution and the impact of COVID-19. In particular, underdeveloped industrial areas with insufficient government support continue to decline due to a lack of infrastructure. The Ministry explained that this project supports the establishment of smart infrastructure based on investments from private anchor companies.

The Ministry will select two regions this year. Metropolitan local governments can apply for the project. Basic local governments can participate as co-hosting institutions with metropolitan local governments. Local governments must form a consortium with private entities such as companies, universities, and research institutes. Selected local governments will receive 2 billion KRW per year for two years, totaling 4 billion KRW in support.

The Ministry plans to announce the final selected Smart Innovation Zones in July this year. An evaluation committee composed of SME-related experts and urban planning specialists will select the final regions through reviewing project proposals and conducting on-site evaluations.

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