Gyeonggawon Expands Support for Local Root Industries... Up to 50 Million KRW

The Gyeonggi-do Economic Science Promotion Agency is strengthening digital transformation (DX) to improve the productivity and added value of the root industry in the province.

On the 4th, the agency announced that it will newly launch the "2024 Gyeonggi-do Root Enterprise Competitiveness Enhancement Support Project," focusing on root enterprises in five areas including Yeoncheon-gun this year.

Poster for Support Measures to Strengthen the Competitiveness of Root Companies by Gyeonggi-do Economic Science Promotion Agency

Root enterprises are industries that operate using six foundational process technology fields?casting, mold, plastic working, welding, surface treatment, and heat treatment?and eight next-generation process technologies such as additive manufacturing, precision machining, robotics, and sensors, according to the amendment of the "Act on the Promotion and Advancement of the Root Industry."

The agency plans to select 60 root enterprises in the province in the first round by the 17th for support.

Selected companies can receive support ranging from a minimum of 1 million KRW to a maximum of 50 million KRW per company, depending on the support items by city and county.

Kang Seong-cheon, head of the agency, stated, "The root industry is the foundation of South Korea's manufacturing industry and a crucial source of technology supporting advanced industries. In particular, Gyeonggi-do accounts for about 34% of the root industry nationwide, the highest proportion among all provinces and cities. We expect this project to help strengthen the competitiveness of root enterprises in the province that are facing difficulties."