Gyeonggi-do Focuses on Fostering 'Advanced Industrial High-Tech Textile Materials'

Selection of More Than 10 Companies in the Province... Up to 30 Million KRW Support per Company

Gyeonggi Provincial Government Northern Office

[Asia Economy Reporter La Young-cheol] Gyeonggi Province is set to foster global small and strong enterprises specializing in high value-added advanced industrial high-tech textile materials.

'Advanced industrial textile materials' refer to high-strength, lightweight carbon composite materials, safety protective textile materials that protect the body in extreme environments, and ICT convergence electronic textiles that implement electronic device functions.

According to the province on the 16th, a total of 965 million KRW will be invested, including 700 million KRW from national funds (Ministry of Trade, Industry and Energy) and 265 million KRW from provincial funds, selecting more than 10 companies within the province.

Selected companies can receive support necessary for entering the global market, such as prototype material costs support up to 30 million KRW per company (with 30% self-payment), customized technical support, and participation support for exhibitions and order consultation meetings.

This project supports prototype production and commercialization for advanced industrial textile material companies, and is carried out by a consortium of four organizations: Korea Textile Importers & Exporters Association, Korea Textile Materials Research Institute, Eco Convergence Textile Institute, and Korea Institute of Industrial Technology.

Jung Do-young, Director of Economic Planning, said, "Due to the prolonged economic downturn caused by the recent pandemic and the rapid reorganization of the global supply chain, we will actively support the development of materials in the high value-added industrial textile sector to promote growth into small and strong enterprises leading the global market."

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