Gyeongbuk Province Selects 4 Leading Regional Innovation Companies ... Support for Market Expansion and Talent Development

Establishing a Region-Led Self-Reliant Growth Foundation through Win-Win Growth among Small and Medium Enterprises

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Gyeongsangbuk-do held a ceremony on the 15th at the provincial office to select and award certificates to four companies?Daedong SM, Luso, Wintex, and Jitek?as regional innovation leading companies that will create local jobs and drive the economy through collaboration among small and medium-sized enterprises.

The selection process targeted regional star companies with the capability to lead key local industries. From November last year, over approximately three months, experts conducted written and on-site evaluations. After verification by the Ministry of SMEs and Startups and gathering opinions from local residents, four companies were selected from ten applicants.

The qualifications for leading companies include an average sales revenue of 5 to 40 billion KRW over the past three years, an average employment growth rate of 12.6% over three years, and an average sales growth rate of 16.3% over the past five years. The average sales revenue of the selected local companies this time is 21 billion KRW, with an average of 54 employees.

These companies will receive support such as 50 million KRW for technology commercialization, including R&D project planning consulting this year, policy fund loans to expand investment, market development for export support, and workforce training.

Additionally, based on collaboration performance, R&D funding of 1 billion KRW over three years and up to 2 billion KRW over six years will be provided.

Lee Cheol-woo, Governor of Gyeongsangbuk-do, said, “We appreciate your contribution to the development of local industries and job creation through continuous investment and technological development in key regional industries,” adding, “We will focus on nurturing anchor companies that lead the regional economy by further strengthening the technological competitiveness of leading companies.”

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