Ministry of SMEs and Startups to Enhance Competitiveness of Material and Component Companies... Supporting 35 Companies This Year

Announcement 3 Months Earlier Than Last Year
Program Supports Up to 30 Million KRW

The Ministry of SMEs and Startups announced on the 20th that it has selected 35 companies for the '2024 Functional Materials and Components Competitiveness Enhancement Project Support Companies.'

Minister Oh Young-joo of the Ministry of SMEs and Startups
[Photo by Yonhap News]

This project provides customized support to materials and components companies by leveraging the capabilities of regional innovation institutions outside the metropolitan area. Since its launch in 2020, the project has supported 147 companies engaged in functional materials and components in the Jeonbuk and Busan regions over the past four years with programs such as technical difficulty consulting and prototype production. Adhesive film manufacturer 'Asems' developed and produced a glitter sheet coating agent for shoe materials domestically through technology consulting under this project. Thanks to continuous investment, it was also able to sign a supply contract with a U.S. Nasdaq-listed company.

This year, the announcement was made three months earlier than last year to provide support more promptly. Among 64 applicant companies in the Jeonbuk and Busan regions, 35 companies (14 in Jeonbuk and 21 in Busan) were selected based on evaluations of materials and components technology competitiveness and growth potential.

The selected companies can receive up to 30 million KRW in support for programs they need, such as prototype production, patents and certifications, reliability evaluation, marketing, network building and operation, and manufacturing and process support. This year, the focus is on actively supporting the overseas expansion of functional materials and components companies that have secured technological capabilities through prototype production and performance improvement support, thereby strengthening the global competitiveness of regional companies.

Kim Woo-jung, Director of Regional Enterprise Policy at the Ministry of SMEs and Startups, said, "We will do our best to support market expansion and growth strategies for the continuous growth of functional materials and components companies."