Gyeonggi Economic Science Institute Expands Support for Pet Businesses... 54 Companies

[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi-do Economic Science Promotion Agency is promoting the 'Pet Supplies Commercialization Support Project' to enhance the competitiveness of the pet supplies industry.

Currently, the number of pet owners in South Korea has reached 15 million. Additionally, the pet market size is estimated to grow from 3.3753 trillion KRW in 2020 to 6 trillion KRW by 2027.

The Pet Supplies Commercialization Support Project is a program that discovers excellent small and medium-sized enterprises (SMEs) in pet supplies and supports product commercialization and domestic and international market development.

The Gyeonggi Economic Science Agency will first support 10 companies by covering 70% of the costs for design development and mold production, up to a maximum of 15 million KRW.

It will also support 70% of the participation fees for domestic and international pet-related exhibitions for a total of 44 companies. For domestic exhibitions, up to 2 million KRW (30 companies) will be supported, and for overseas exhibitions, up to 5 million KRW (4 companies).

Eligibility to apply is limited to SMEs related to the pet supplies industry within the province. Applications can be submitted through the EasyBiz website (www.egbiz.or.kr) by the 31st of this month.

Last year, the Gyeonggi Economic Science Agency also supported the commercialization of 10 companies and market development for 36 companies through this project.