4-Year Support of 23 Billion KRW for Advanced Technology Development of Innovative Products

Support for Advanced Technology Development to Enter Overseas Markets

[Asia Economy Reporter Kim Cheol-hyun] The Ministry of SMEs and Startups (Minister Lee Young) announced on the 12th that it will promote the '2023 Innovative Product Advancement Technology Development Project' to facilitate the global market entry of small and medium-sized enterprises (SMEs).

The Innovative Product Advancement Technology Development Project supports localization and advancement research and development (R&D) for innovative products recognized in the domestic market to enter overseas markets. It will provide support worth 23 billion KRW to 135 companies over four years until 2026.

This project consists of R&D diagnosis and planning and global target R&D to enable rapid overseas expansion of innovative products and early export achievements. Through this project announcement, R&D diagnosis and planning will be supported for 30 companies with global capabilities. Among them, 15 companies with high potential for overseas market entry will be finally selected to receive support for global target R&D.

Detailed information on applying for the project can be found on the Technology Development Project Integrated Management System website and the Pan-Government Integrated Research Support System website. Kim Woo-soon, Director of Technology Innovation Policy at the Ministry of SMEs and Startups, stated, "Overcoming the limitations of the domestic market size and enhancing national competitiveness makes overseas expansion of SMEs very important," adding, "We will continue to support various R&D efforts so that SMEs do not remain confined to the domestic market but can enter overseas markets."

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