Ministry of SMEs and Startups Joins Hands with Ministry of the Interior and Safety to Foster Region-Led SME Growth
Regional Innovation Contest for Addressing Local Extinction
Cooperation for Local-Led SME Development
The Ministry of SMEs and Startups and the Ministry of the Interior and Safety announced on the 9th that they will promote the '2024 Regional Innovation Contest Project to Respond to Local Extinction.'
The contest targets 107 basic local governments, including 89 population-declining areas and 18 areas of interest, as well as 13 metropolitan local governments overseeing these regions. In particular, this contest is conducted in a way that local governments proactively plan projects by linking the Local Extinction Response Fund with regional SME support projects to overcome the risk of extinction.
The Ministry of SMEs and Startups and the Ministry of the Interior and Safety plan to select a final 13 locations in April, focusing on the effectiveness, efficiency, and feasibility of policies linked to the Local Extinction Response Fund. Local governments selected in the contest will receive preferential scores when distributing the '2024 Local Extinction Response Fund' and will additionally receive support for regional projects and policy funds worth approximately 20 billion KRW from the Ministry of SMEs and Startups.
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The Ministry of the Interior and Safety supports the establishment of smart factories, intelligent farms (smart farms), and shared offices through the Local Extinction Response Fund for use by local companies. The Ministry of SMEs and Startups supports commercialization, product advancement, workforce training (education), and financing for SMEs in connection with projects discovered by local governments linked to the Local Extinction Response Fund, and provides consulting related to SME linkage support using 33 regional headquarters and branches of the Small and Medium Business Corporation nationwide.
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