Ministry of Oceans and Fisheries Selects 40 Projects for Advanced Technology Enhancement and R&D Funding Support
[Sejong=Asia Economy Reporter Moon Chaeseok] On the 15th, the government announced that it will provide up to 1 billion KRW over two years to marine and fisheries companies and research institutions that have technology but lack funds. This is the first time the project is being implemented this year, aiming to support the growth of companies struggling with commercialization and market entry due to insufficient capital.
The Ministry of Oceans and Fisheries announced that it has selected 40 projects for the 'Marine Industry Demand Technology Development Project,' which supports up to 600 million KRW per company over two years, and the 'Marine and Fisheries Technology Startup Scale-up Project,' which supports up to 1 billion KRW, and will sign individual agreements with companies and research institutions starting from the 19th. The Scale-up Project is being launched for the first time this year.
The Technology Development Project supports industrial research and development (R&D) costs for small and medium-sized enterprises (SMEs) and mid-sized companies that have excellent technology but face difficulties in commercialization or require technology development for market entry such as testing and certification. Since 2019, 50 companies have received 17.2 billion KRW in support. For example, J-Tech, a specialized ship equipment company, localized kitchen equipment that was highly dependent on imports, reducing costs by 50% compared to foreign products and obtained overseas certification to expand abroad.
The Scale-up Project focuses on supporting R&D costs for startups that have attracted private investment but need additional technology development for commercialization, as well as universities, research institutions, and companies aiming to advance their secured R&D outcomes into suitable technologies.
The Ministry of Oceans and Fisheries called for project proposals from January 20 to February 25, receiving 149 submissions. Among them, 40 were finally selected. The 24 Technology Development Project tasks include ▲Development of an integrated controller system for coastal liquefied natural gas (LNG) fuel-powered ships (Cravis) ▲Development of an IoT-based distress identification system for commercialization of marine safety workwear (G-Tel Global), among others. The 16 Scale-up Project tasks include ▲Development of a total containment hardware system for small-scale marine oil spill response (Sheco) ▲Commercialization of a high-efficiency concentration system for seawater mineral extraction (Ship & Offshore Plant Research Institute), etc.
In addition to this support project, the Ministry operates startup investment support programs such as the 'Startup Commercialization Fund Support Project,' which assists in prototype production, promotion, and marketing of promising startup items. Companies, universities, and research institutes can check the call for proposals every early year on the Marine and Fisheries Startup Information System website.
Kim In-kyung, Director of the Marine and Fisheries Science and Technology Policy Division at the Ministry of Oceans and Fisheries, said, "We hope that marine and fisheries SMEs and venture companies with excellent technology and capabilities will establish a foothold for commercialization through this project," adding, "We will continue to increase support to activate startups and investments in the marine and fisheries sector."
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