The Ulsan Free Economic Zone Authority (Director Cho Young-shin) is holding the ‘UFEZ Large-Medium-Small Win-Win Investment Platform Contest’ this year.
This contest, held in collaboration with the Ulsan Center for Creative Economy and Innovation, began in 2021 to discover promising companies in the core strategic industrial sectors of the Ulsan Free Economic Zone (UFEZ) by partnering with large corporations and public institutions in the Ulsan region.
The strategic industrial sectors of the Ulsan Free Economic Zone are hydrogen and low-carbon energy, future mobility, and future chemical new materials.
Participating companies include Hyundai Mobis, Hyundai Motor Company, Hyundai Oilbank, Hyosung Heavy Industries, Korea East-West Power, Lotte Chemical, Samsung SDI, SK Gas, S-OIL, and Daehan Petrochemical, while public institutions include the Korea Technology Finance Corporation, Small and Medium Business Corporation, Korea Institute of Energy Research, Korea Institute of Industrial Technology, and Ulsan Technopark.
Through this contest, domestic startups, ventures, and small and medium-sized enterprises possessing large corporations’ demand technologies or new technologies will be discovered and outstanding companies will be selected to support them in starting or expanding their businesses in Ulsan in the future.
Selected companies will receive commercialization support funds (a total of 60 million KRW), relocation funds to Ulsan (up to 10 million KRW per company), and opportunities to collaborate with partner companies and participate in investment networks.
Interested companies can apply on the U-STAR website from the 14th until April 28.
In 2021, 8 outstanding companies were selected and supported out of 19 promising domestic companies in the hydrogen sector. Last year, 30 promising overseas companies in the core strategic industrial sectors were discovered and given opportunities to collaborate with large corporations, and 9 outstanding domestic companies, out of 40 applicants, that attracted attention from large corporations in the Ulsan region were also selected.
Among the companies selected so far, one company has newly started a business in Ulsan, and two companies are planning to relocate their factories to Ulsan. Additionally, three selected companies have signed MOUs with large corporations such as SK Innovation, and nine companies have achieved progress in collaborating with large corporations such as Hyundai Motor Company and Hyosung Heavy Industries.
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