Government to Establish 'Industrial Machinery Remanufacturing Support Center' in Changwon

Restoring Broken or Worn-Out Old Machine Parts to New-Quality... Revitalizing the Circular Economy

[Sejong=Asia Economy Reporter Kwon Haeyoung] The Ministry of Trade, Industry and Energy held a groundbreaking ceremony for the 'Industrial Machinery Remanufacturing Support Center' on the 21st at the Changwon Industrial Complex with Gyeongsangnam-do Province and Changwon City.

Industrial machinery remanufacturing is the process of diagnosing worn-out or malfunctioning machine parts and restoring them to a like-new condition. It is 50-60% cheaper compared to producing new products and can save 80-90% of energy and resources, making it highly effective in reducing carbon emissions.

The Ministry of Trade, Industry and Energy, Gyeongsangnam-do, and Changwon City plan to establish and operate the Industrial Machinery Remanufacturing Support Center, the first of its kind in Korea, as a foundation for revitalizing the remanufacturing industry. By 2024, a total of 20.1 billion KRW (10.1 billion KRW from the central government and 10 billion KRW from local governments) will be invested to build a research building (3 floors above ground) and an equipment building (2 floors above ground) within the Changwon National Industrial Complex.

The support center will assist in the development of industrial machinery remanufacturing technologies linked to quality certification standards and enhance the reliability of remanufactured products through performance evaluation. It will also promote the nurturing of specialized companies, support workforce training, and activate expert networks. Through these efforts, it aims to contribute to the creation of a remanufacturing industry ecosystem and regional job creation.

Joo Young-jun, Director of Industrial Policy at the Ministry of Trade, Industry and Energy, stated, "As the industrial sector's transition to carbon neutrality becomes increasingly important, the Industrial Machinery Remanufacturing Support Center will significantly contribute to reducing carbon emissions through the activation of the circular economy, including remanufacturing." He added, "The government will invest 28.4 billion KRW in next year's budget for the development of core remanufacturing technologies and will further expand support for commercialization, including linking remanufacturing demand and supply companies and discovering new business types."