Introducing R&D in Traditional Markets... Driving Vitality in the Local Economy

New Introduction of Smart Traditional Market and Shopping District Research and Development (R&D) Support Project

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Kwon Chil-seung, hereinafter referred to as the Ministry) announced on the 21st that it will newly introduce the 'Smart Traditional Market and Shopping District Research and Development (R&D) Support Project' to revitalize traditional markets and shopping districts and enhance the competitiveness of the regional economy.

Traditional markets have played a role not only in economic transactions but also as a social stabilizing factor and a focal point for regional economic vitality. However, they have suffered serious damage due to competition with large supermarkets and the recent surge of the digital and non-face-to-face economy. Small business owners in traditional markets need to resolve various issues related to building and operating digital and non-face-to-face systems, but it is difficult for them to solve these problems on their own.

Accordingly, the Ministry explained that this support project was introduced to enable SMEs with technological capabilities, universities, and research institutes to analyze the characteristics and demands of traditional markets and shopping districts and to develop and demonstrate comprehensive customized information and communication technology (ICT) solutions needed for these markets.

The support scale is a total of 4 billion KRW, selecting about two projects, with 2 billion KRW supported per project over two years. Specifically, the development and construction of comprehensive customized services integrating ICT in areas such as 'operation and management,' 'logistics and distribution,' and 'convenience and safety' are the support targets. A distinctive feature of this project is that it connects not only technology development but also demonstration.

SMEs must apply together with universities or research institutes, and each SME, university, or research institute can apply for only one project. This project is scheduled to accept applications from March 31 to May 4 after the announcement, and about two final projects will be supported after selection evaluation. Unlike general R&D projects, the evaluation team will be composed not only of industry-academia-research experts by technology field but also market experts, and after directly visiting the sites where the development projects will be applied, on-site face-to-face evaluations will be conducted to check field demand and demonstration feasibility.

Park Chi-hyung, Director of the Small Business Policy Division at the Ministry, said, "Through the Smart Traditional Market and Shopping District R&D support, SMEs will pioneer new markets, and traditional markets and shopping districts will strengthen their competitiveness, providing an opportunity to lead regional economic revitalization."

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