Gyeongbuk Gyeongju-si, Customized Support for Companies in Response to Future Car Transition

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] On the 27th, Gyeongju City announced that it will support the strengthening of competitiveness of local automobile parts companies and the transition to future vehicles in line with the paradigm shift in the automobile industry.

This is a measure to prepare for the faster-than-expected phase-out of internal combustion engine vehicles due to the global carbon neutrality movement and the government's eco-friendly policies.

Among the approximately 2,200 manufacturing companies in the Gyeongju area, 762 are automobile-related manufacturers, most of which are internal combustion engine parts and materials companies.

Within this year, an industry-academia-research-government consultative body will be formed with Dongguk University Industry-Academic Cooperation Foundation, Pohang Metal Materials Industry Promotion Agency, and local small and medium enterprises to promote the ‘Future Vehicle and Industry Transition Customized Enterprise Support Project.’

First, through Dongguk University Industry-Academic Cooperation Foundation and others, an on-site demand survey will be conducted regarding whether to transition to future vehicle industries and the stages of promotion.

Also, starting next year, the city will invest 500 million KRW of municipal funds to fully launch customized support in 12 fields and over 60 categories, including market and technology analysis, certification (patents), technology transfer, marketing, testing and analysis, prototype production, and process optimization.

Earlier, in June, the city held an explanatory meeting on the necessity of future vehicle transition and innovation support projects for automobile parts companies with the Korea Automotive Technology Institute targeting 80 companies.

Mayor Jun Nak-young of Gyeongju said, “We will implement future vehicle industry transition support that provides practical help to companies to strengthen the competitiveness and self-reliance of automobile parts companies, and furthermore, create an innovative cluster for future automobile materials and parts.”