Gyeongbuk Province to Foster ‘Star Companies’ with High Growth Potential into Global Enterprises

15 Selected Gyeongbuk Star Companies … Certificate Awarding and Best Practices Presentation

Gyeongbuk Provincial Government Office.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Gwiyeol] On the 26th, Gyeongbuk Province held a certificate awarding ceremony for this year's Gyeongbuk region star companies at the provincial government’s Hwabaek Hall.

Gyeongbuk Province and the Ministry of SMEs and Startups jointly select innovative growth companies among local small and medium enterprises with an average sales revenue of 5 to 40 billion KRW over the past three years, high sales growth rates, and a high proportion of R&D investment, nurturing them as star companies.

Through a recruitment announcement in February, 37 companies applied, and after eligibility review, on-site inspections, and presentation evaluations, a total of 15 companies were finally selected.

The 15 selected companies are Dongseong Technos, DSN Phra, Myungshin, Mirae Ceratech, Bulls, Samsung Tech, Sewoon TNS, Sugar Eco, Shinwooshin, RK, HS Haeseong, JM Tech, Jeil Sanki, Taedong Tech, and Hoseong ABO.

With a nationwide highest competition rate of 2.4 to 1, local companies showed greater interest in star companies compared to other cities and provinces.

The star companies selected this year have an average annual growth rate over three years of 26.3% in sales, 20.3% in exports, 8.1% in employment, and an average R&D investment ratio of 3.9%, demonstrating high growth potential and excellent technological development capabilities.

The province plans to support these companies with programs worth up to 45 million KRW, including growth strategy establishment for mid- to long-term item discovery, marketing strategy development, R&D planning, and dedicated PM consulting.

From next year, they also plan to provide technology development funds of up to 300 million KRW.

The star company nurturing project has selected 76 companies from 2018 to this year, with 17 companies having completed their designation or graduated, and currently 59 companies are designated.

To proactively respond to industrial and environmental changes, experts such as professors are matched as dedicated research project managers to support technology development, commercialization, and export capacity enhancement.

Through this, five companies including IJS, Nature Farm, Task, Ace Nanochem, and Daesung Gyejeon have been developed into global small giants; three companies including Russo, Daedong SM, and G-Tech have been developed as regional innovation leading companies; and One Biogen has been nurtured from KONEX listing to KOSDAQ listing, achieving remarkable results.

Governor Lee Cheol-woo said, “Despite the difficult domestic and international environment, local companies are driving regional economic growth and contributing greatly to job creation,” adding, “In the midst of industrial paradigm shifts such as the 4th Industrial Revolution and digital transformation, we will actively support star companies with technology and ideas to grow into global companies.”

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