'Gyeonggi Star Enterprise Development Project' Contest... 3.6 to 1 Competition Rate

40 Companies Recruiting, 145 Companies Applied

[Asia Economy Reporter La Young-cheol] Gyeonggi Province announced that the competition rate for companies participating in the 'Star Company Development Project' targeting small and medium-sized enterprises in the province reached approximately 3.6 to 1.

According to the province on the 13th, a total of 145 companies applied for the recruitment, which was held from the 2nd of last month to the 5th of this month, for 40 available spots.

Most of the applicant companies met the following criteria: ▲annual sales between 5 billion KRW and less than 70 billion KRW ▲possession of a company-affiliated research institute ▲R&D expenses of 3% or more, export ratio of 30% or more relative to sales, sales growth rate of 15%, and employment increase of 10%.

The province plans to select the top 40 companies through document screening and non-face-to-face presentation evaluations. For the selection of 'Strong Small and Medium Enterprises,' financial status, industrial accident rates, ethical management, and administrative sanction history will be assessed.

Additionally, an evaluation committee will be formed mainly with external experts, comprehensively considering gender impact and the number of participations to enhance fairness and effectiveness.

The final selected companies will receive support of up to 76 million KRW annually in areas such as product innovation, market development, and smart innovation.

In particular, considering the difficult economic situation caused by COVID-19, the province plans to provide the full amount of support funds as an advance payment and will also partially support the issuance fees for performance guarantee insurance.