Jungjingong Provides 'Bundled Support' for Specialized Industries Development in Chungnam Region

Jungjinkong-Chungnam Province-Cheonan City-Asan City-Korea Automotive Technology Institute Business Agreement
Activation of Chungnam Regional Specialized Industries and Support for Linking Companies in Special Zones and Specialized Complexes

[Asia Economy Reporter Kim Cheol-hyun] The Small and Medium Business Corporation (Chairman Kim Hak-do, hereinafter referred to as SBC) announced on the 18th that it has signed a multilateral business agreement with Chungcheongnam-do Province (Governor Yang Seung-jo), Cheonan City (Mayor Park Sang-don), Asan City (Mayor Oh Se-hyun), and the Korea Automotive Research Institute (President Heo Nam-yong) to foster specialized industries in the Chungnam region.

This business agreement was conducted in a non-face-to-face manner, where each institution signed the agreement and exchanged it to prevent the spread of COVID-19. SBC and the partner institutions agreed to expand cooperation in policy fund support, research and development (R&D), and manpower support for small and medium ventures participating in the Chungnam Cheonan·Asan Small Giant R&D Special Zone (Eco-friendly Mobility), the Materials·Parts·Equipment Specialized Complex (Display), and the Regulatory Free Zone (Hydrogen Energy Transition).

SBC plans to provide approximately 45 billion KRW over three years by preparing exclusive funds for companies participating in the Chungnam regional special zones and specialized complexes, and will link export marketing, manpower training, startup and technology support projects. Chungcheongnam-do will be responsible for discovering and promoting companies in the special zones and specialized complexes, while Cheonan City and Asan City will support by linking their respective unique local government projects. The Korea Automotive Research Institute will support automotive sector R&D, testing and certification, and commercialization.

The Chungnam Cheonan·Asan Small Giant R&D Special Zone and the Materials·Parts·Equipment Specialized Complex will focus on the region’s main industries of eco-friendly mobility and next-generation display industries, pooling efforts to provide growth package support and professional manpower training for participating companies. Additionally, the Hydrogen Energy Transition Regulatory Free Zone plans to lead the transition to a hydrogen economy society by supporting the demonstration of hydrogen fuel development, charging, and mobility, ranging from residential and building hydrogen fuel cell power generation systems to long-distance flights of hydrogen drones.

Chairman Kim Hak-do stated, "We will promptly establish and provide a customized bundled support system for small and medium ventures in the Chungnam region." He added, "SBC will continue to support innovative growth in Chungcheongnam-do’s core industries and South Korea’s key industries such as eco-friendly smart mobility, display, and hydrogen energy transition, based on cooperation with local governments and related regional institutions including Chungcheongnam-do, Cheonan City, Asan City, and the Korea Automotive Research Institute."

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