Jeonnam Province to Focus on Nurturing Global Small Giants Expanding Worldwide

7 Companies Selected for Ministry of SMEs and Startups Project... Leading Export Support Provided

Jeonnam Province is focusing on nurturing global small and strong enterprises that will expand worldwide.

On the 16th, the province announced that seven local companies were selected for the Ministry of SMEs and Startups' 2024 Global Small Giants designation and nurturing project.

Global Small Giants are export small and medium-sized enterprises with export sales exceeding 5 million dollars and high growth potential, selected to be nurtured as leading export companies representing the region.

After document review, on-site inspection, and presentation evaluation based on product competitiveness, production capacity, technological differentiation, export strategy goals, and efforts to pioneer new markets, seven companies were selected last month through the Export Support Council's review and resolution.

The selected companies are ▲ Daechang Food (Mokpo), a kim processing specialist company awarded the 50 million dollar export tower ▲ Kanplant (Yeongam), a shipbuilding equipment and plant manufacturing specialist ▲ Sweco Jinkwang (Naju), a power equipment R&D company specializing in switches and circuit breakers ▲ Daehosan Industry (Hampyeong), a domestic recycled tire specialist manufacturer ▲ Hyupsung Hisco (Suncheon), a comprehensive measuring instrument specialist ▲ SFC (Yeosu), a surfactant manufacturing specialist ▲ and Maeil Food (Suncheon), a prestigious traditional sauce company.

Until 2025, they can receive from at least 100 million won to up to 2 billion won, including provincial funds, through customized export foundation programs such as overseas marketing, intellectual property capacity enhancement, target country-specific sales channel strategies, as well as support and preferential treatment in R&D, finance, and export credit insurance.

The 25 Global Small Giants designated so far have shown remarkable growth, with a 3.6% (34.2 billion won) increase in sales and a 7.6% (27 million dollars) increase in exports compared to the previous year, and three companies selected for government R&D projects (5.4 billion won).

Wi Gwang-hwan, Director of Job Investment Attraction at Jeonnam Province, said, “Despite continuous challenging domestic and international conditions, the designation achievements of Jeonnam’s Global Small Giants are excellent. We will continue to actively support Global Small Giants to represent the region and lead the global market.”

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