Ministry of SMEs and Startups Designates 27 New Innovative Products... Cumulative Public Procurement Sales Reach 63.5 Billion KRW

[Asia Economy Reporter Junhyung Lee] The Ministry of SMEs and Startups announced on the 24th that 27 new products were designated as 'Excellent R&D Innovative Products' at the 2nd Procurement Policy Deliberation Committee meeting in 2021.

The Excellent R&D Innovative Product designation system is a system that designates products developed with government funding as innovative products if their technological innovation and social necessity are recognized. The Ministry of SMEs and Startups has been implementing this system since last year to support small and medium enterprises in securing initial sales channels through public procurement.

Including the 27 newly designated products, a total of 189 products have been designated as innovative products to date. Among them, 99 products have been supplied to central administrative agencies and local governments, recording sales worth 63.5 billion KRW as of last month. The 'Automatic System Valve Capable of Rapidly Blocking Contaminated Water Inflow,' designated as an innovative product in the first half of this year, was supplied to waterworks offices located in Incheon and Chuncheon, achieving sales of 850 million KRW within five months of designation.

The newly selected innovative products include the 'Pocket Smart Smoke Mask,' which reduces casualties in fire accidents at multi-use facilities, and the 'Hybrid Streetlight,' which utilizes wind and solar power to reduce carbon dioxide emissions. The Ministry of SMEs and Startups explained that excellent products with technological capability and social necessity being designated as innovative products are expected to help the growth of SMEs and improve innovative public services.

The Ministry plans to introduce real-life applications of innovative products through YouTube broadcasts and other channels. The introductory video about the designation system, produced to raise awareness of innovative products, can be viewed on the Ministry's YouTube channel.

Won Young-jun, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, said, "We plan to promote the designation system focusing on excellent cases to raise awareness among public institutions," adding, "We will strive to expand public sales by creating communication channels between public institutions and companies designated as innovative products."

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