Busan City Selects 91 Leading Companies in Strategic Industries ... Fostering Them as Hidden Champions

'2023 Strategic Industry Leading Company Certificate Award Ceremony' Held

Panoramic view of Busan City Hall. (Photo by Busan City Hall)

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] Busan City will hold the '2023 Busan City Strategic Industry Leading Companies Certificate Award Ceremony' at 10:30 AM on the 16th at the Westin Chosun Busan.

At the event, Mayor Park Hyung-joon will attend to personally meet and present certificates to representatives of 90 newly selected leading companies and one honorary leading company, and will communicate with the representatives and related personnel.

The selection of Busan City's strategic industry leading companies this time prioritized corporate growth potential and employment, comprehensively reviewing innovation and economic feasibility, and finalized the selection through the first industry-specific subcommittee and the second final selection committee.

The companies selected this time include a total of 91 companies such as ▲Taewoong (CEO Jang Hee-sang, Tower Frenzy) ▲Jogwang Paint (CEO Yang Seong-a, Paint/Resin/Adhesive) ▲Masang Soft (CEO Kang Sam-seok, Online/Virtual Reality Games) ▲Jeil Electric Industry (CEO Kang Dong-wook, Smart Wiring Devices), among others.

The selected companies will be certified as leading companies for three years, during which they will receive support such as ▲preferential loans and guarantees ▲special guarantees (Leading-Busan Loan) ▲financial linkage support including working capital for SMEs ▲technology development support such as prototype, certification, and product commercialization support ▲over 40 linked projects including domestic and international marketing and consulting.

Since 2006, the city has annually selected companies with growth potential by strategic industry as 'Strategic Industry Leading Companies' and is supporting their growth into global strong small and medium enterprises such as Busan-type Hidden Champions and World Class companies.

Currently, a total of 121 companies have grown into global strong SMEs through the leading companies program, receiving approximately 84.3 billion KRW in national funding for research and development, marketing, and other support according to the city's corporate development plan.

Mayor Park Hyung-joon said, "I sincerely congratulate you on being selected as a Busan City leading company based on innovative management and technology development. The city will spare no support to help leading companies grow into strong and medium-sized enterprises," and added, "I ask that leading companies serve as role models and play a significant role in creating waves of innovation."

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