POSCO and Ministry of SMEs and Startups Sign Agreement to Support Smart Factory Implementation

Transfer of Business Funding Contributions and Market Development Know-How

POSCO will collaborate with the Ministry of SMEs and Startups to support the establishment of smart factories for domestic small and medium-sized enterprises (SMEs).

On the 26th, POSCO announced that it signed the 'Large and Small Business Win-Win Smart Factory Cooperation Agreement' together with the Ministry of SMEs and Startups, the Korea Federation of SMEs, and the Korea Chamber of Commerce and Industry at the Korea Federation of SMEs in Yeongdeungpo-gu, Seoul.

Based on this agreement, the Ministry of SMEs and Startups will promote policy and financial support necessary for the win-win smart factory establishment project, POSCO will provide funding for the project and share know-how on market development. Collaborative organizations such as the Korea Federation of SMEs and the Korea Chamber of Commerce and Industry will recruit SMEs wishing to introduce smart factories and manage and execute the funding.

The Ministry of SMEs and Startups started the large and small business win-win smart factory establishment project in 2018. This project supports digital manufacturing innovation for domestic SMEs and promotes productivity and on-site improvements. The funding is jointly raised by the government and private sectors including large corporations.

Jang In-hwa, Chairman of POSCO Group. The photo shows Chairman Jang delivering his inaugural speech at the inauguration ceremony held at POSCO Pohang Headquarters on the 21st. Photo by POSCO Group

POSCO has provided customized digital automation solutions to SMEs and supported growth through smartization. Since signing the win-win agreement with the Ministry of SMEs and Startups in 2019 to promote the spread of smart factories, the total number of smart factory establishment support cases over about five years until last year reached 595.

SMEs wishing to participate in the smart factory project can apply through the project announcement scheduled for the first half of this year.

POSCO stated, "In addition to smart factories, we are promoting various win-win growth activities to strengthen the industrial ecosystem." POSCO has formed a Win-Win Growth Support Team composed of employees with experience and professional qualifications to provide customized consulting to SMEs. It operates the venture incubating center 'Change Up Ground' in the Seoul and Pohang areas, supporting the entire cycle from startup incubation to product development, market development, and investment.