Do You Know the "Manucorn" Project?... Busan Launches Initiative to Foster 17 Anchor Companies

Discovering and Fostering Core Companies to Drive Innovation and Shared Growth in Local Manufacturing
Seventeen Companies to Be Selected by 2029, with Full Support of 11.7 Billion KRW

The Busan Metropolitan Government (Mayor Park Hyungjoon) is significantly expanding its "Busan-Style Anchor Company Fostering Support Project" to drive innovation in the local manufacturing sector and revitalize the industrial ecosystem.

On April 29, the city announced the full-scale launch of the "Manucorn Project," which will select a total of 17 companies by 2029 and provide support totaling 11.7 billion KRW.

"Manucorn" is a portmanteau of "Manufacture" and "Unicorn," reflecting the city's ambition to nurture promising manufacturing companies in Busan into unicorn-level enterprises.

Last year, the city selected three companies and began its first round of support with a budget of 1 billion KRW. From this year, the project has been greatly expanded, with the city committing 11.7 billion KRW of municipal funds over six years.

This project is structured as a three-stage growth ladder?Pre-Anchor, Anchor, and Top-Tier Anchor?enabling small manufacturing businesses to grow into small and medium-sized enterprises, then into mid-sized companies, and ultimately to the level of quasi-large corporations.

Eligible applicants are manufacturing companies in the city's nine strategic industrial sectors. For the Pre-Anchor stage, producer service businesses are also included.

The support programs are tailored to each company and include: ▲development of growth strategies ▲support for R&D and non-R&D execution ▲testbed establishment ▲technology assetization. In addition, support will be provided for ▲expanding global networks ▲regional innovation collaboration ▲linking technology and investment between companies, all aimed at strengthening the overall competitiveness of the industrial ecosystem.

The city highlighted that the three companies selected last year?Hwashin Bolt Industry, Jeil Electric, and Unitecno?achieved remarkable results such as customized technology development, expansion into overseas markets, and selection as next-generation world-class products by the Ministry of Trade, Industry and Energy.

In fact, both sales and exports grew, and the project also contributed to job creation, demonstrating its effectiveness. Busan expects to achieve even greater results this year through synergies with newly selected companies.

Companies wishing to participate can apply online via the Busan Technopark electronic application system by 2 p.m. on May 20.

Park Dongseok, Director of the Busan Advanced Industry Bureau, stated, "Busan-style anchor companies are key players that will provide sustainable innovation momentum for the regional economy," adding, "We will ensure that close, stage-by-stage support leads to tangible results."

Busan City Hall.

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