Ulsan City to Foster Export Leading Companies... Recruiting Candidates for 'Global Small Giant Enterprise Development Project'

Submission to the Small and Medium Business Export Support Center Website by February 9

Ulsan City Hall.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Ulsan City is recruiting companies to participate in the ‘Global Strong Small and Medium Enterprise (SME) Development Project’ to nurture excellent local SMEs as export-leading companies.

The project, jointly implemented by the Ulsan Regional Small and Medium Venture Business Administration and the Ulsan Economic Promotion Agency, plans to support a total of six companies reflecting local demand.

The ‘Global Strong SME Development Project’ was established to discover local SMEs with innovation and growth potential, lead overseas export markets, and develop them into representative companies that drive the regional economy.

This project is conducted by the Ministry of SMEs and Startups, local governments, and related regional organizations to foster export-leading companies, revitalize local industries, and create quality jobs.

If selected, companies will receive export vouchers worth 100 million KRW annually for overseas marketing under the Ministry of SMEs and Startups, priority support benefits when applying for projects such as support for their own mall exports, and up to 80 million KRW over four years through the city’s regional autonomous support program.

Preferential points are granted when participating in the Ministry of SMEs and Startups’ technology development projects, and companies can receive guarantee insurance premium discounts and financial benefits from seven private financial institutions including SGI Seoul Guarantee Insurance and Shinhan Bank. They can also obtain policy funds loans up to 10 billion KRW from the Small and Medium Business Corporation.

Eligibility and target companies are SMEs with sales between 10 billion and less than 100 billion KRW and direct or indirect export amounts of 5 million USD or more. Innovative companies such as venture, Inno-Biz, and Main-Biz certified valid companies, as well as service industry companies, must have sales between 5 billion and less than 100 billion KRW and direct or indirect export amounts of 1 million USD or more.

Interested companies can apply by February 9 on the Small Business Export Support Center website, and detailed information can be obtained by contacting the Corporate Growth Team of the Ulsan Economic Promotion Agency.

Since 2015, Ulsan City has invested 2.641 billion KRW in the Global Strong SME Development Project until 2021, supporting 37 companies, resulting in 494 new jobs created and 241 patent registrations and applications.

A city official stated, “In addition to the Global Strong SME Development Project, we are striving to lay the foundation for the growth of local SMEs by promoting growth promising company development projects and SME growth promotion projects for expanding global strong SMEs.”