Gyeonggi-do to Support Growth Potential Star Companies with 3.3 Billion Won This Year

Gyeonggi Provincial Government Gwanggyo New Office Building

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will invest 3.3 billion KRW this year to foster 'Star Companies.'

On the 19th, Gyeonggi Province announced that it is recruiting 43 companies eligible for the 'Gyeonggi Province Star Company Fostering Project,' which provides customized support across all areas from product innovation to market development and commercialization for small and medium-sized star companies with technological capabilities and growth potential.

The selected companies will receive support covering 70% of project costs (up to 76 million KRW per company) in one of three areas: product innovation, market development, or smart innovation, according to their business needs.

To extend the customized support period for selected companies, the province advanced the announcement period from March to February this year. Additionally, accounting audits will be introduced to establish a transparent project operation system.

Applicants must have their main office or registered factory in the province for at least three years as of the announcement date, or have a company-affiliated research institute or dedicated R&D department, and be a small or medium-sized enterprise with sales between 5 billion KRW and less than 70 billion KRW in 2021. Applications can be submitted through EasyBiz.

No Tae-jong, head of the Specialized Enterprise Support Division of the province, said, "As export stagnation, the backbone of our economy, deepens and economic slowdown centered on manufacturing becomes visible, the reality felt by small and medium-sized enterprises with weaker fundamentals than large corporations is harsh. Even in this crisis, Gyeonggi Province will do its best to provide new opportunities to local companies."

Over the past five years, the province has supported 205 star companies, achieving results such as an increase in sales of 607.7 billion KRW, registration of 229 intellectual property rights, and creation of 1,019 quality jobs.