Gyeonggi-do Provides Up to 100 Million KRW Support to Global Companies' Parts Suppliers

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province will provide up to 100 million KRW to companies that succeed in securing parts orders from global companies.

On the 3rd, Gyeonggi Province announced that it will support up to 100 million KRW for prototype production and other necessary expenses to 14 small and medium-sized manufacturing companies in the province that have received parts orders from global companies operating overseas or domestically, after a screening process.

The province prepared this support measure based on the view that companies succeeding in securing parts orders from global companies will be registered as partner companies of those global firms, enabling deliveries to overseas branches.

The province also plans to give high additional points when attracting foreign capital investment in the future based on the performance of supplying parts to global companies. In particular, the province expanded the support target from certain industries until last year to all industries starting this year.

Additionally, companies related to strategic industries such as semiconductors, mobility, and bio, as well as companies with investment attraction achievements, will be given extra points to expand opportunities to participate in the public offering.

Lee Min-woo, head of the Investment and Trade Division of the province, emphasized, "Strengthening the global competitiveness of domestic small and medium-sized enterprises is a key factor in establishing cooperative relationships with overseas global companies and attracting investment. We will focus on preparing win-win measures with overseas companies through various support projects for local companies, including overseas technology transfer, localization of parts, and support for investment attraction activities."

Since 2016 until last year, the province has supported a total of 107 companies through this project, resulting in a sales increase of 286.5 billion KRW and the creation of 639 new jobs.