Ministry of Industry Seeks 'Industrial Convergence Innovative Items and Leading Companies'

Announcement of the "2022 Industrial Convergence Innovation Items and Leading Companies Selection Plan"

[Asia Economy Sejong=Reporter Lee Junhyung] The government has initiated the selection of industrial convergence innovation items and leading companies for this year.

The Ministry of Trade, Industry and Energy announced the '2022 Industrial Convergence Innovation Items and Leading Companies Selection Plan' on the 7th. This project is promoted by the government to encourage the development of industrial convergence products and services and to support small and medium-sized enterprises (SMEs) and mid-sized companies that have developed innovative products.

Industrial convergence innovation items are selected by the Industrial Convergence Evaluation Committee, composed of seven experts from industry, academia, and research institutes. When selected as an industrial convergence innovation item, the product is included in the priority purchase list for SME technology development products by the Ministry of SMEs and Startups. Additionally, it can receive extra points when selected as an excellent procurement item by the Public Procurement Service and as a pilot item for excellent commercial products by the Ministry of National Defense. KOTRA also gives preferential treatment when selecting targets for full-cycle overseas expansion support.

The target leading companies for industrial convergence are SMEs and mid-sized companies with annual sales of over 500 million KRW that produce the 'innovation items.' The government provides benefits such as reductions and preferential treatment on technology and credit guarantee fees, research and development (R&D) support, participation in exhibitions, and consulting services to industrial convergence leading companies.

There are cases where sales have significantly increased thanks to such government support. Seongpung Soled's 'LED floor-type pedestrian signal light' saw its sales jump nearly fivefold from 1.1 billion KRW in 2020, when it was designated as an innovation item, to 5.8 billion KRW last year. Aimmed's sales increased from 3.8 billion KRW to 22.7 billion KRW after being selected as a leading company in 2016. During the same period, the number of employees grew from 82 to 143.

The qualification for industrial convergence innovation items and leading companies is maintained for two years. Upon expiration, extension is determined through a re-evaluation. According to the Ministry of Trade, Industry and Energy, as of this month, there are 171 industrial convergence innovation items and 64 leading companies.

The application period this year is from the 8th to the 30th of this month. Applications can be submitted through the National Industrial Convergence Support Center website. The Ministry plans to announce the selection results in November after on-site inspections and evaluations of items and companies.

No Geon-gi, Director of Industrial Technology Convergence Policy at the Ministry of Trade, Industry and Energy, said, "We will actively discover successful models of industrial convergence," adding, "We will comprehensively support industrial convergence products and services so that they can firmly take root not only in the public market but also in the private market through government policies."

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