'13 Years of Support' for Gyeonggi Furniture Industry... Foundation for 'Sales, Employment, and Competitiveness Enhancement'

Over 600 Beneficiary Companies · Average Sales Increase of 42.4% · New Employment Growth of 6.1%

Effectiveness Analysis Report on Gyeonggi-do Furniture Support Project [Gyeonggi-do]

[Asia Economy Reporter La Young-cheol] Gyeonggi Province's 'Furniture Company Support Project,' aimed at developing specialized industries, has been found to significantly contribute to increased sales, job creation, and company growth.

Gyeonggi Province and the Gyeonggi Economic Science Promotion Agency announced on the 18th that they published the "Effectiveness Analysis Report on Furniture Company Product Development and Marketing Support Project," which comprehensively analyzes the effectiveness of the Furniture Company Support Project.

According to the analysis, about 600 companies benefited from the Furniture Company Support Project, with average sales increasing by 42.4% before and after the support.

Additionally, 2,478 new jobs were created, accounting for 6.1% of all employees in furniture companies within the province.

The annual average closure rate of beneficiary companies was only 6.5%, about half of the 12.7% average closure rate across all manufacturing industries.

In particular, among companies that received 'product development' support, 84.4% experienced sales generation through product commercialization.

The commercialization success rate reached 95.8%, indicating a sales growth trend following successful product development.

In fact, Dawon Chairs Co., Ltd., located in Namyangju, developed molds with provincial support and achieved more than double sales growth from 12 billion KRW five to six years ago to 24 billion KRW currently through steady new product development, launches, and market expansion.

Furthermore, the number of companies with shipment amounts exceeding 5 billion KRW increased significantly from 95 in 2007 to 248 in 2020, positively impacting the quantitative growth of the small and medium furniture industry ecosystem within the province.

Jung Do-young, Director of Economic Planning, stated, "This report is meaningful as a comprehensive analysis of how the Furniture Company Support Project, promoted over 13 years for the development of Gyeonggi Province's specialized industries, has affected small and medium furniture companies," adding, "We plan to continue strengthening the competitiveness of furniture companies through active support for the development of Gyeonggi's furniture industry."

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