Three Incheon Songdo International City Resident Companies Selected as 'Top SoBuJang Companies'

Panoramic View of Songdo International City [Provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] Three companies located in Songdo International City, Incheon, have been selected as 'SoBuJang (Materials, Parts, and Equipment) Top Companies' organized by the Ministry of Trade, Industry and Energy.

According to the Incheon Free Economic Zone Authority on the 24th, following last year's cutting tool manufacturer YG-ONE Co., Ltd., this year Innertron Co., Ltd. and iBL Photonics Co., Ltd. were selected as SoBuJang Top Companies.

Innertron develops and produces core components used in domestic and international mobile communication base station systems. Recently, in addition to mobile communication products, it has developed new materials, parts (modules), and equipment such as ceramics and digital wireless microphones, expanding its global market share.

iBL Photonics is the leading domestic company in piezoelectric single crystal materials, which are core materials for ultrasonic probes and underwater sonar sensors. Having completed the independent development of piezoelectric single crystal materials previously dependent on imports from Japan and the United States, it plans to expand its business into related domestic and international markets.

SoBuJang Top Companies refer to companies with the highest domestic technology and future growth potential in 100 core strategic technology fields of materials, parts, and equipment. The government plans to select and intensively nurture a total of 100 SoBuJang Top Companies by 2024.

Selected companies can receive priority support such as up to 25 billion KRW in research and development (R&D) funding over five years, significant reduction of corporate contributions, support for demonstration evaluations using public institution testbeds, and industrial technology policy funds to secure the highest level of technological capabilities.

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