Full Effort for Economic Revitalization
[Asia Economy Yeongnam Reporting Headquarters, Reporter Yoon Yoseop] Busan City is investing 20 billion won in local key industries to revitalize the economy.
On the 20th, Busan City announced that it will focus on supporting a budget of about 20 billion won this year to foster local key industries in cooperation with the Ministry of SMEs and Startups.
The local key industry fostering project is a program that plays a crucial seed money role for company growth by directly supporting promising item technology development and commercialization of small and medium enterprises related to key industries to strengthen regional industrial competitiveness and revitalize the local economy by city and province. The city's local key industry sectors were reorganized in 2018 into intelligent information services, biomedical, intelligent mechanical parts, and clean energy.
Busan City secured 17.6 billion won last year through the local key industry fostering project to support employment-creating technology development, and this year additionally secured 1 billion won in national funds as performance evaluation incentives.
The detailed support areas are planned to provide 10.8 billion won for local key industry commercialization technology development project support (R&D support), and 9.8 billion won each for commercialization support such as prototype production, certification, marketing, innovation growth voucher support projects, and private-led local company fostering (non-R&D support).
In particular, this year, 4.7 billion won will be supported for global market entry-type technological innovation and commercialization capacity enhancement projects targeting local star companies to nurture them into global strong small and medium enterprises leading the local economy, and a new Scale-Up program will be launched to expand private participation and select and intensively foster promising SMEs.
Each detailed project will be announced through public contests, and announcements for local key industry research and development, non-research and development, and star company research and development projects are currently underway. For more details, refer to the announcements on the Busan City and Busan Regional Project Evaluation Group websites.
Kim Dong-hyun, Director of the Advanced Materials Industry Division of Busan City, said, “Through the local key industry fostering project, we will promote job creation and local economic revitalization by enhancing company growth and regional industrial competitiveness.” He added, “Especially, we will strive to inject vitality into local key industries that have been stagnated due to the impact of COVID-19.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
