Changwon Special City Designates 16 Companies to Lead Local Economy

Awarding of 'Changwon-type Small Giant Company' Designation Certificate

On the 9th, Changwon Special City in Gyeongnam selected 16 local small and medium-sized enterprises (SMEs) with technological capabilities and growth potential at the Citizen Hall and awarded them the ‘2023 Changwon-type Strong Small Business Designation Certificates.’

Changwon Special City in Gyeongnam selected 16 local small and medium-sized enterprises and awarded them the "2023 Changwon-type Strong Small Business Certificate."

A strong small business refers to a ‘small but strong company.’ Through the Changwon-type Strong Small Business Development Project, strong small businesses are discovered and supported step-by-step to grow into global specialized companies. The goal is to nurture 200 strong small businesses by 2030, achieving a total production value of 10 trillion KRW and employment of 20,000 people.

The Changwon-type strong small business project started with 10 companies in 2015, and up to last year, 92 companies have been selected. Among them, 18 companies were designated as Gyeongnam Star Companies, 8 as Global Strong Small Businesses, 3 as Materials, Parts, and Equipment (SoBuJang) Strong Small Businesses, 2 as World Class 300 companies, 2 as Gyeongnam Leading Companies, and 1 as a K-Smart Lighthouse Factory, totaling 34 companies designated as global specialized companies nationwide for SMEs.

As a result of last year’s Changwon-type Strong Small Business Development Project, sales increased by 12% and employment by 5% compared to the previous year, significantly contributing to the improvement of companies’ technological levels, and the satisfaction with the project was also high.

This year, 16 companies with innovative technological capabilities were selected as Changwon-type Strong Small Businesses: Goldtech, Gwangho Precision, Green Industry, Nano ITEC, Nasan Electric Industry, Daedong Precision, Daehyung Networks, Moderntec, Samil, AMS, Yeonam Tech, WARP, Jinyeong H&S, TY Module Korea, Co-Add, and Hyupsin Hydraulic.

Each company receives differentiated support funding of up to 50 million KRW, including R&D-type technical support, comprehensive support for core technology development, continuous monitoring through a dedicated manager system, and focused project management.

Hong Nampyo, Mayor of Changwon Special City, said, “As the role of SMEs is increasingly emphasized due to the rapidly changing industrial environment, we will actively discover and nurture small but strong companies step-by-step to lay the foundation for a great leap forward in the entire industry.” He added, “In collaboration with the Changwon Industrial Promotion Agency and the Changwon Strong Small Business Council, we will spare no effort to actively support the development of strong small businesses that will help create ‘Changwon, the Northeast Asia Central City.’”

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