Gyeonggawon Supports Local SMEs with 20 Million KRW Each for 'Invention, Products, and Market Expansion'

The Gyeonggi-do Economic Science Promotion Agency will provide a total of 3.6 billion KRW to support small and medium-sized enterprises (SMEs) in the province for invention development, product manufacturing, and market expansion.

On the 27th, the agency announced that it is recruiting companies to participate in the "2024 Customized Support Project for SME Development, Production, and Market Expansion" until April 5.

Eligibility for this support project is limited to SMEs with annual sales of 12 billion KRW or less located in 26 cities and counties, excluding five areas: Gwacheon, Seongnam, Anyang, Ansan, and Yongin.

Gyeonggi-do Economic Science Promotion Agency

The detailed support includes ▲ invention development (domestic and international industrial property rights application, domestic and international certification support, industrial technology information) ▲ product manufacturing (prototype production, testing and analysis) ▲ market expansion (website production support, participation in domestic and international exhibitions, product packaging, domestic promotional market support).

The agency supports up to 20 million KRW per company.

This year, reflecting companies' requests, the support rate has been increased from 50% to 60% of the total cost. Additionally, companies participating in industrial complex RE100 and digital transformation consulting receive extra points, and a new support item for shopping mall production has been added to expand the support scope. Not only new certification costs but also recertification costs are supported.

Kang Seong-cheon, head of the agency, emphasized, "Through this project, we support the essential elements needed throughout the entire process from product development to production and marketing for companies," adding, "We will spare no effort to provide full support so that SMEs can strengthen their competitiveness through the four regional centers?East, West, South, and North?operated by the agency."