Gyeonggi-do Provides 5.7 Billion KRW in Technology Development Funding Support

Gyeonggi Provincial Government Gwanggyo New Office Building

Gyeonggi Province will provide a total of 5.7 billion KRW in technology development funds to companies, universities, and research institutions within the province.

On the 20th, Gyeonggi Province announced plans to implement a technology development project and an R&D First Step Corporate Research Institute Support Project, investing up to 150 million KRW per year.

First, the technology development project will receive 4 billion KRW in provincial funds. The support areas include six fields such as public technology and industrial technology, and 29 open-call projects, totaling 35 tasks. In particular, in addition to the provincial funds, an additional 1.15 billion KRW budget has been secured from 14 cities and counties including Goyang, Hwaseong, and Namyangju, providing 'more opportunities' to companies, universities, and research institutions within the province. Furthermore, the project aims to eliminate blind spots and discover and support companies with innovative ideas.

Alongside this, the province will also run the R&D First Step Corporate Research Institute Support Project. This targets companies that have newly established corporate research institutes within the province and companies that have relocated their corporate research institutes from other local governments to within the province within the past year. It provides 'more balanced opportunities' to early-stage R&D companies that were relatively disadvantaged in the selection evaluation. The province will support a total of 10 projects with an annual provincial fund of 1.7 billion KRW.

The province will hold a detailed project briefing session on the 5th of next month at the Gyeonggi Center for Creative Economy & Innovation International Conference Hall (located in Bundang-gu, Seongnam City).

Kim Hyun-dae, Director of the Future Growth Industry Bureau of the province, stated, "We aim to realize an opportunity-filled Gyeonggi by discovering and supporting early-stage companies that are in the blind spots of research and development." He emphasized, "In particular, by cooperating with cities, counties, and departments, we will strengthen R&D support tailored to regional characteristics, establish a regional innovation-based system, and support the continuous growth of companies within the province."