20 Additional 'SobuJang Eutteum Companies' Selected... Up to 5 Billion KRW Annual R&D Support

Ministry of Industry Announces Plan for 2nd Selection of Top SoBuJang Companies on the 27th

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy announced on the 26th that it will announce the '2nd Selection Plan for Sobujang Euddeum Companies' on the 27th and select about 20 companies. Through this, the ministry plans to nurture a total of 100 representative Sobujang companies by 2024.

Sobujang Euddeum Companies are selected as companies with excellent technology and future growth potential in materials, parts, and equipment essential to our industrial supply chain, and are nurtured into globally competitive companies. After selecting 22 companies (21 technologies) in January, the second selection process has now begun.

The target companies are those holding certificates for 'core strategic technologies' with high overseas dependence among 100 key technologies in six major industries. Companies that receive the certificate during this announcement period through the core strategic technology verification process can also apply for Euddeum Company status. Additional points will be given to companies holding 79 unselected technologies excluding the 21 core strategic technologies selected in January when selecting Euddeum Companies.

The selection process consists of a 40-day announcement period from the 27th to November 5th, followed by a four-stage evaluation: document review, on-site inspection, in-depth evaluation, and comprehensive evaluation.

Once selected as an Euddeum Company, the government plans to provide close support in four stages: technology development, commercialization, global expansion, and regulatory improvement, including up to 5 billion KRW annually in research and development support.

Detailed information can be found in the Ministry of Trade, Industry and Energy's announcement.

Minister Moon Seung-wook of the Ministry of Trade, Industry and Energy stated, "In a situation where the global supply chain restructuring is accelerating, the competitiveness of national key industries and supply chain stability depend on Sobujang companies possessing core technologies. Through selecting a total of 100 Sobujang Euddeum Companies by 2024, we will proactively respond to the future industrial value chain and nurture Sobujang companies with global top-level competitiveness."

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