Gyeonggi-do Offers Up to 50 Million KRW Support for Adopting Excellent Overseas Technologies

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province will provide up to 50 million KRW in support when local companies introduce excellent technologies from overseas.

On the 1st, Gyeonggi Province announced that it is recruiting companies to participate in the 'Overseas Technology Transfer Support Project,' which supports Gyeonggi companies transferring (introducing) outstanding overseas innovative technologies, until the 20th of this month.

This project is part of the '2023 Global Business Company Matching Project' and is a newly launched initiative starting this year.

It focuses on supporting costs when introducing excellent overseas technologies related to Gyeonggi's key industries such as semiconductors and bio, as well as 4th industrial revolution fields like autonomous vehicles and artificial intelligence (AI), to help companies create sales, employment, and establish a foundation for attracting investment.

The main support includes assisting local companies in signing technology transfer or royalty contracts with overseas innovative technology companies and producing prototypes. Additionally, joint ventures, original equipment manufacturing (OEM), and export cooperation projects will also be promoted.

Eligible applicants are small and medium-sized enterprises or mid-sized companies with headquarters or factories located in Gyeonggi Province as of the announcement date. The province supports up to 50 million KRW per company.

Companies wishing to participate can visit EasyBiz to check the announcement.

Lee Min-woo, Director of the Investment and Trade Division of the province, said, "Gyeonggi Province is making efforts to develop new technologies and foster advanced industries by selecting high-tech industries including semiconductors as core industries," adding, "The Overseas Technology Transfer Support Project will help local companies leap into strong small and medium enterprises by acquiring advanced overseas technologies and strengthen global technological competitiveness through the introduction of new technologies."

The province has been promoting the Global Business Company Matching Project since 2019 to strengthen win-win cooperation between global companies and local companies.