Ministry of SMEs and Startups Selects 12 Outstanding Regional Key Industry Companies Including Sujentech

Digital and Green New Deal Sector Regional Key Industry and Enterprise Development Projects
Presentation of Outstanding Cases: Daegu Daeyeong Chaebi, Daejeon Sujentech, Jeju BK Bio, and Others

[Asia Economy Reporter Kim Heeyoon] The Ministry of SMEs and Startups announced on the 28th that it selected 12 companies as outstanding performance enterprises based on the evaluation results of the Regional Specialized Industry Development Project by city and province.

The "Regional Specialized Industry Development Project" is a program aimed at establishing a self-sustaining growth foundation in each city and province nationwide by fostering regional key industries and companies in the digital and green new deal sectors, thereby promoting regional economic revitalization through job creation.

Outstanding performance companies through this project were nominated by local governments as candidate cases and selected through expert evaluation. The Ministry of SMEs and Startups added that they focused on reviewing not only the growth of individual companies but also the effects on the regional economy and job creation.

The selected companies are expected to become benchmarking targets for local companies by achieving economic results such as increased sales and profits, scientific and technological achievements such as patents and certifications, joint technology development with local universities and research institutes amid challenging regional economic environments, and inheritance and development of traditional local industries.

Among excellent cases by local government key industry sectors, Daeyoung Chaebi in Daegu has been developing electric vehicle charger technology since 2017 with support from the Regional Specialized Industry Development Project. It achieved results such as attracting a total investment of 7 billion KRW from Kakao Investment, securing the supply rights for Tesla's charging facilities in Korea, and being designated as a partner for Hyundai Motor Company's ultra-fast charging stations. Last year, sales, employment, and operating profit increased by 48.2%, 17.9%, and 86.3% respectively compared to the previous year.

Also, Suzentec in Daejeon was selected as a star company in the Regional Specialized Industry Development Project in 2019 and developed technology related to bio-sensor-based ultra-small, low-power diagnostic systems while simultaneously obtaining the European Declaration of Conformity (CoC) certification for its COVID-19 self-diagnostic kit. As a result, last year, sales increased by 975% and exports by 3254% compared to the previous year, contributing to promoting the excellence of K-diagnostic kits overseas.

BK Bio in Jeju has been conducting research and development of the functional hangover relief drink "Kkaesukkang" since 2015 through the Regional Specialized Industry Development Project. In 2019, it was selected as a star company and filed three patents and three trademarks through prototype production and quality evaluation. From December of the same year, nationwide sales began through collaboration with Lotte Chilsung Beverage, achieving sales of 2.7 billion KRW last year.

Woo Kyungpil, Director of Regional Enterprise Development at the Ministry of SMEs and Startups, said, "As excellent performance cases are emerging one after another through the Regional Specialized Industry Development Project, the Ministry of SMEs and Startups plans to further strengthen support for local SMEs as a partner in regional development."