Ministry of SMEs and Startups and Ministry of Environment Joint Project Promotion
Selection of Promising Green New Deal Companies
41 Selected in First Round... 100 by 2022
[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 28th that it has selected 41 promising Green New Deal companies in the first round in collaboration with the Ministry of Environment, and plans to select a total of 100 companies by 2022.
The government's '100 Promising Green New Deal Companies' initiative is a project aimed at establishing an 'innovative ecosystem for the green industry,' one of the three major sectors of the Green New Deal. It supports the entire growth cycle to foster leading companies that will drive the green industry.
The 41 promising Green New Deal companies selected this time will receive up to 3 billion KRW per company for commercialization and research and development (R&D) funding over three years from this year through 2022.
The two ministries conducted phased evaluations to select target companies after jointly announcing the project on July 20. To ensure fairness and connectivity for the final selected companies, the chairperson of the selection committee was appointed as a co-chair.
The Ministry of SMEs and Startups selected 20 'Green Venture' companies focused on R&D support targeting innovative small and medium enterprises in the green technology sector. The Ministry of Environment selected 21 'Green Innovation Companies' focused on commercialization support targeting SMEs in five leading green industry sectors.
Park Young-sun, Minister of SMEs and Startups, stated, "The Green New Deal policy is a policy that simultaneously addresses environmental issues and the economic crisis caused by COVID-19, enabling sustainable growth. Starting with promising Green New Deal companies, we plan to expand the policy targets to startups, small manufacturers, and others."
Cho Myung-rae, Minister of Environment, said, "To promote the green industry as a national new growth engine, securing green technology capabilities in the SME sector is essential. The related ministries will work together to actively discover green innovation companies that will lead Korea's green industry and provide systematic nurturing and support measures so that they can grow into green unicorn companies driving the entire green industry."
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