Recruitment of 46 Regional Innovation Leading Companies
Selection of 100 Companies by Year-End After Expert Evaluation and Regional Reputation Verification
[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young, hereinafter referred to as the Ministry) announced on the 27th that it will additionally recruit regional innovation leading companies to drive economic growth in non-capital regions together with 14 metropolitan cities and provinces.
'Regional Innovation Leading Companies 100' is being promoted to discover and intensively support promising companies in key industrial sectors led by the region. The Ministry, together with 14 metropolitan cities and provinces, selected 54 companies in the first round in the first half of this year, and plans to complete the project by selecting an additional 46 companies through this announcement.
Looking at the 54 companies selected in the first round, they showed superior capabilities and growth potential compared to general SMEs, with a 5-year sales growth rate of 12.9%, a 3-year employment growth rate of 6.2%, and an R&D investment ratio of 5.6%.
In this second recruitment, requirements have been relaxed, such as abolishing the sales cap, to increase the economic ripple effect of the collaborative group in terms of employment and sales. Selected companies will be supported with up to 2 billion KRW for technology development funds for up to 6 years, and customized intensive support will be provided according to individual collaborative projects by operating a menu-style regional autonomous program including sales channels, manpower, funds, and investment.
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Im Sang-gyu, Director of Regional Enterprise Development at the Ministry, said, "We expect regional innovation leading companies to revitalize the regional economy and contribute to balanced development," adding, "We will continue to seek various policies to foster regional SMEs in cooperation with local governments."
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