Sancheong Herbal Medicine Special Zone Selected as a 'Local Industry Development Project'

SMBA Contest... Up to 1.65 Billion KRW Support Including National Funds for Up to 3 Years

Scenery of the Sancheong Herbal Medicine Festival Venue [Image Source=Sancheong-gun]

[Asia Economy Yeongnam Reporting Headquarters Reporter Choi Soon-kyung] Sancheong-gun, Gyeongnam announced on the 24th that it has been selected for the ‘City/County/District Local Industry Development Project’ contest promoted by the Ministry of SMEs and Startups.

This project was prepared to revitalize the local specialty development zone ‘Herbal Medicine and Medicinal Herb Special Zone’ in Sancheong-gun by linking and fostering local related industries. In other words, it is a project to grow future food sources by creating new added value based on Sancheong-gun’s herbal medicine and medicinal herb resources.

With the selection in this contest, Sancheong-gun will promote the ‘Consumer-Centered Customized Herbal Medicine and Medicinal Herb Industry Advancement Development Project’ linked to the ‘Herbal Medicine and Medicinal Herb Industry Special Zone.’

The county plans to spend a project budget of 550 million KRW per year, including 500 million KRW in national funds supported by the Ministry of SMEs and Startups and 50 million KRW in local funds, totaling up to 1.65 billion KRW over three years, to produce prototypes and carry out testing, certification, and marketing activities. The project will be carried out by the Gyeongnam Oriental Medicine Anti-Aging Research Institute located in Sancheong-gun.

The county and the research institute aim to develop the local medicinal herb industry based on the expertise of the ‘Sancheong Herbal Medicine and Medicinal Herb Special Zone,’ which has held the Jirisan Herbal Medicine Festival since 2001, was designated as the Jirisan Medicinal Herb Research Development Special Zone in 2005, designated as the Sancheong Herbal Medicine and Medicinal Herb Industry Special Zone in 2008, awarded the Industrial Special Zone Grand Prize in 2013, and recognized as an Excellent Special Zone in 2018.

In particular, they plan to widely promote the fact that the Jirisan area, boasting a pristine natural environment, along with its mild climate and adequate rainfall, is an optimal place for the cultivation of various wild mountain medicinal herbs.

Specifically, the project will promote ▲ new product development through convergence of herbal medicine and medicinal herb products with bio technology ▲ formation of a local related industry council and establishment of networks with local governments and related organizations ▲ linkage support with Sancheong-gun’s New Vitality Plus Project ▲ design development, testing and analysis certification support, and marketing support.

The county expects that more than 30 local companies will benefit over three years once this local related industry development project is implemented. The county and the research institute anticipate that beneficiary companies will achieve a sales growth rate of over 60% during the three years.

Accordingly, it is expected that companies engaged in the herbal medicine and medicinal herb industry and the local community will have expanded opportunities to promote social and cultural cooperation beyond simple economic exchanges.

A county official said, “This Sancheong Herbal Medicine and Medicinal Herb Special Zone local industry development project aims to enhance the capabilities of our local herbal medicine companies and strengthen networks with the local community to spread the value of the herbal medicine industry.” He added, “We will raise awareness not only among those working in the herbal medicine industry but also among local residents and the general public to unlock the potential of the herbal medicine industry.”

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