"Announcing the Achievements of the Win-Win Smart Factory Project"... SmartBiz Expo Held

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[Asia Economy Reporter Kim Bo-kyung] The '2022 Smart Biz Expo,' which promotes the achievements of the win-win smart factory project between large and small-to-medium enterprises and provides participating companies with opportunities to develop sales channels, was held on the 4th.

The Smart Biz Expo, held at COEX in Seoul on this day, has been showcasing the results of the privately-led win-win smart factory project for six years since its first event in 2016. The win-win smart factory project is a program where the Ministry of SMEs and Startups and large companies such as Samsung Electronics have joined forces to support manufacturing innovation in small and medium enterprises.

This event was organized with programs aimed at strengthening networks between large and small-to-medium enterprises and revitalizing domestic and export markets. Over four days, a total of 95 companies participated, exhibiting their products at 112 booths, and approximately 450 purchase consultations connecting participating companies and buyers are scheduled to take place.

Minister Lee Young of the Ministry of SMEs and Startups encouraged Samsung Electronics, the Korea Federation of SMEs, and the small and medium enterprises that actively participated in the smart factory project for their efforts.

Minister Lee stated, "Opportunities like this event are essential for spreading the successful model of privately-led win-win cooperation and developing sales channels," adding, "The government will also strive to create an environment where large and small-to-medium enterprises can cooperate for manufacturing innovation."

The win-win smart factory project between large and small-to-medium enterprises involved a total of 34 host organizations, including large and medium-sized enterprises and public institutions, contributing 86.3 billion KRW from 2018 to last year. The Ministry of SMEs and Startups matched this contribution with a budget of 74.1 billion KRW to support the establishment of 3,619 smart factories in small and medium enterprises.

While reducing the investment risk for companies introducing smart factories, productivity improved by 34.7%, quality by 48.4%, and costs were reduced by 34.3%, among other achievements. This year, 33 host organizations are participating to support the establishment of about 1,000 smart factories.

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