20 Additional Small and Strong SoBuJang Companies Selected to Support Technological Independence

Ministry of SMEs and Startups to Open Applications for 100+ Strong Material, Component, and Equipment Companies Until Next Month 23

Minister Kwon Chil-seung of the Ministry of SMEs and Startups (left) is visiting a "Strong Small and Medium Enterprise in Materials, Parts, and Equipment," touring research and production facilities.
[Photo by Yonhap News]

[Asia Economy Reporter Kim Jong-hwa] The momentum of the Materials, Parts, and Equipment (SoBuJang) Strong Small and Medium Enterprises 100 Project, which was selected through intense scrutiny amid national interest to respond to Japan's export regulations, continues this year as well.

The Ministry of SMEs and Startups announced on the 21st that it will additionally select 20 promising companies for the 'SoBuJang Strong SMEs 100 Project' on the 23rd to proactively respond to changes in the global value chain beyond Japan's export regulations and to strengthen competitiveness.

The selected SoBuJang strong SMEs will receive a package of support for each stage of technological innovation, including technology development, venture investment, commercialization funds, and research personnel, for up to five years to quickly achieve technological innovation and commercialization results.

The qualification criteria for SoBuJang strong SMEs require that more than 50% of total sales come from the SoBuJang sector and that the company possesses technological development capabilities. During the designation period (5 years), companies must submit a 'Technological Innovation Growth Strategy' outlining the importance of the target technology, technology development, and commercialization plans.

The selection evaluation consists of three stages: document review, in-depth evaluation, and final evaluation. It assesses the validity and effectiveness of the Technological Innovation Growth Strategy, as well as overall corporate capabilities such as technological prowess and future growth potential. External experts participate at each evaluation stage, and the final evaluation also includes a public evaluation panel, which was praised for reflecting the public's perspective during the previous strong SME selection.

Once selected as a SoBuJang strong SME, companies will receive up to 2 billion KRW in dedicated technology development funds over four years, and up to 1.2 billion KRW over three years for strategic cooperative technology development conducted jointly with research institutes. Additionally, the limit for investment-type technology development funds will be expanded to 3 billion KRW, and loans, guarantees, and investments totaling 40 trillion KRW will be supported.

Minister Kwon Chil-seung of the Ministry of SMEs and Startups stated, "We will actively support SoBuJang strong SMEs to grow into leading companies representing Korea's technological independence," and added, "We ask for the active participation of promising SoBuJang companies that can increase technological self-reliance in the SoBuJang sector and contribute to the creation of future new industries."

Companies wishing to participate in the project can apply through the Digital Branch on the Korea Technology Finance Corporation website from the 10th to the 23rd of next month. After evaluation, the final selection will be made in November. More detailed information can be found in the announcements on the Ministry of SMEs and Startups and Korea Technology Finance Corporation websites, and inquiries can be made through the SME Integrated Call Center and the Korea Technology Finance Corporation Call Center.

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