Jeonbuk Province Invests 75.7 Billion Won to Foster Agri-Food Companies

Published 29 Mar.2022 13:45(KST)

10 Projects in National Food Cluster, 46.8 Billion KRW... 8 Projects in Regional Agro-Food Companies Sector, 28.9 Billion KRW

Jeonbuk Province Invests 75.7 Billion Won to Foster Agri-Food Companies

[Jeonju=Asia Economy Honam Reporting Headquarters, Reporter Kim Han-ho] Jeollado announced on the 29th that it plans to invest 75.7 billion KRW in 18 projects this year to attract investment to the Iksan National Food Cluster Industrial Complex, ensure the stable settlement of resident companies, and support the continuous growth of local agro-food companies.

The province will first invest 46.8 billion KRW in 10 projects to ensure the stable settlement of resident companies in the National Food Cluster Industrial Complex and to provide various support and expand investment attraction for domestic food companies.

Specifically, 23.7 billion KRW will be invested in expanding investment attraction, manpower and logistics marketing, corporate business, corporate process technology development, and joint use of equipment for corporate technology support to promote the continuous growth of resident companies. Additionally, 23.1 billion KRW will be poured into the Functional Food Formulation Center, Youth Food Startup Center, Functional Raw Material Bank, and the construction of a Complex Cultural Center (scheduled for 2022).

Along with this, 28.9 billion KRW will be invested in 8 projects to support the stable growth of local agro-food companies, food company startups, safe food products, and new product development.

To foster the food industry in six cities and counties in the eastern region, 22.7 billion KRW will be invested in the Eastern Region Food Cluster Revitalization Support Project, and 2.2 billion KRW will be allocated to the Customized Support Project for Agro-food Companies for small and medium food companies’ processing facility renovation, equipment replacement, product research and development, quality certification, and consulting support.

In addition, 200 million KRW will be spent on the Agro-food Company Raw Material Supply Stabilization Support Project to support cold storage facilities for storing raw agricultural products for food companies, and 3.4 billion KRW will be used for the Food Material and Semi-processed Industry Promotion Project to produce semi-processed products and food additives used as intermediate materials in the production of finished food products.