Gyeonggi Province is set to foster companies in the materials, parts, and equipment sector.
On the 8th, Gyeonggi Province announced that it is recruiting companies to participate in the "2024 Materials, Parts, and Equipment Company Development Support Project" until the 29th of this month.
This project is one of the pledges of the 8th local government administration and aims to discover and support competitive companies in future advanced technology fields such as semiconductors, advanced mobility, and biohealth, making Gyeonggi Province a hub of technological innovation.
Gyeonggi Province will operate a leading company development program for materials, parts, and equipment companies within the province over four years. This year, it will invest 1.5 billion KRW to select and support around 19 companies.
Selected companies will receive customized commercialization funds of up to 75 million KRW annually for prototype production, intellectual property acquisition, market development, and more. Additionally, small and medium-sized enterprises that successfully complete the project will be issued a "Materials, Parts, and Equipment Leading Company Certificate" under the governor's name. Furthermore, they will be granted the rights to produce and utilize the materials, parts, and equipment leading company brand identity (BI) for three years.
Small and medium-sized enterprises wishing to participate in the project can submit their application forms and required documents through the Gyeonggi Province Fair R&D Management System by the 29th of this month.
Jinki Bae, Director of Corporate Development at Gyeonggi Province, stated, "The materials, parts, and equipment support project, which started in 2021, has attracted high interest from small and medium-sized enterprises, recording a strong competition rate of 3.7 to 1 last year. We will continue to support leading companies in the materials, parts, and equipment sector to grow further, thereby contributing to regional economic revitalization and job creation."
Meanwhile, the 26 small and medium-sized materials, parts, and equipment companies selected last year achieved a total sales increase of 2.5 billion KRW, created 44 new jobs, and secured 22 intellectual property rights.
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