Ministry of SMEs Supports 53.4 Billion KRW for Building Smart Factories in SMEs

[Asia Economy Reporter Donghyun Choi] The Ministry of SMEs and Startups announced on the 30th that it will recruit small and medium-sized enterprises (SMEs) and mid-sized companies to participate in the '2023 Leading Smart Factory Construction Support Project' until March 16.

The Leading Smart Factory Construction Support Project is a program that supports smart factory solutions applying advanced technologies such as the Internet of Things, big data, and artificial intelligence, as well as interlocking equipment like automation devices and sensors. It is expected that the manufacturing competitiveness will be strengthened through the advancement of basic-stage smart factories.

This year's budget is 53.4 billion KRW, and 267 companies will be selected. The government support per company will be up to 200 million KRW (50% of the total project cost). However, companies that have previously received smart factory construction support and have reached an advanced level may reapply but will be supported up to a limit of 50 million KRW.

So far, support has focused on quantitative expansion at the basic stage, but now the support will focus on the advancement of smart factory construction.

Also, to select competitive and prepared companies, a preliminary selection of 1.5 times the number of applicants will be made through a document evaluation, and planning support will be introduced to help these companies establish their business plans. Through this, smart factory construction plans will be established, and the final support targets will be selected. The application period has also been extended to 45 days.

For efficient project implementation, the dedicated organization, the Smart Manufacturing Innovation Promotion Group, will directly select the supported companies. The 19 nationwide Smart Manufacturing Innovation Centers based on regions (affiliated with Technoparks) will be responsible for follow-up procedures such as agreements and interim inspections of selected projects after selection.

Minister Lee Young of the Ministry of SMEs and Startups stated, “While we have laid the foundation for manufacturing innovation of SMEs and mid-sized companies through the distribution of 30,000 smart factories, from this year, we will further enhance manufacturing competitiveness and strengthen the foundation for global market entry through the construction of advanced smart factories.”

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