Ulsan City Invests 800 Million Won in 'Smart Factories'... Enhancing Competitiveness of 55 SMEs through Smartization

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] A project supporting smart solutions and equipment for companies aiming to build ‘smart’ factories is underway in Ulsan.

On the 18th, Ulsan City announced that it will promote the ‘2021 Smart Factory Construction Support Project,’ which provides partial financial support to small and medium-sized enterprises (SMEs) and mid-sized companies building smart factories.

This project is part of the ‘2021 Smart Factory Distribution and Expansion Project’ promoted by the Ministry of SMEs and Startups and is being jointly implemented with Ulsan Technopark.

With a budget of 800 million KRW this year, Ulsan City plans to support the construction of smart factories for about 55 companies, aiming to reduce the economic burden on participating companies in the ‘Smart Factory Distribution and Expansion Project’ and improve productivity.

The city’s financial support is up to 10% of the government subsidy (national funds), and varies by stage: up to 7 million KRW for ‘Basic,’ up to 20 million KRW for ‘Advanced 1,’ and up to 40 million KRW for ‘Advanced 2.’

This year, the types of support have been expanded compared to last year, allowing companies selected for ‘Digital Cluster’ and ‘Large-Medium-Small Win-Win’ categories to also receive support.

Companies wishing to participate can apply on a first-come, first-served basis until the budget is exhausted. They can check the announcement posted on the websites of Ulsan City and Ulsan Technopark and apply through the Smart Manufacturing Innovation Center at Ulsan Technopark.

An official from Ulsan City stated, “Ulsan’s industrial structure is well-established on a large-medium-small win-win cooperation basis, making the innovation of manufacturing sites in SMEs, the creation of high value-added products, and the nurturing of globally competitive small giants with sustainable growth the core of regional economic revitalization.”

He added, “Through the Smart Factory Construction Support Project, we plan to focus on nurturing and supporting strong small giants by innovating manufacturing sites of local companies.”

The ‘Smart Factory Distribution and Expansion Project’ promoted by the Ministry of SMEs and Startups supports the construction of smart factory solutions applying advanced technologies such as the Internet of Things (IoT), big data, and artificial intelligence (AI) to improve product design and production processes of SMEs and mid-sized companies, as well as providing necessary automation equipment, controllers, and sensors.

As of the end of last year, a total of 19,799 companies nationwide have received support, with 350 companies in the Ulsan region receiving support since 2014.

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