Gyeonggi Province Lays Foundation for Global Materials, Parts, and Equipment Companies with Three Customized Projects

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province under the seventh elected administration, which has been expanding investments in technological independence in response to Japan's economic pressure, has decided to launch new support projects to help promising materials, parts, and equipment companies make a leap toward becoming a technological powerhouse starting this year.

The province has allocated approximately 2 billion won for new projects this year and plans to gradually expand the budget based on project outcomes.

The three new projects launching this year are the ‘Materials, Parts, and Equipment Company Development Support Project’, the ‘Large and Small Business Technology Exchange Support Project’, and ‘Government Project Participation Consulting for Materials, Parts, and Equipment Companies’. The province is currently recruiting participating companies from the region.

First, the ‘Materials, Parts, and Equipment Company Development Support Project’ supports materials, parts, and equipment companies that possess high-potential technology but face difficulties in commercialization, helping them make a leap to becoming strong small and medium enterprises.

Eligible applicants are companies within the province that have been producing, manufacturing, or developing materials, parts, and equipment since March 5, 2018. Twenty companies will be selected through comprehensive evaluation of growth potential, safety, technology, and business viability.

Selected companies can receive customized support within 75 million won for prototype development, patents, certifications, and sales channel development according to plans designed by the companies themselves.

Facility investment support is also available for digitalization of manufacturing processes or robot system introduction to improve productivity.

Second, the ‘Large and Small Business Technology Exchange Support Project’, aimed at accelerating localization of materials, parts, and equipment technology, will implement ‘technology exchange meetings’ to enable technology exchange and sharing between small and medium enterprises and large and mid-sized companies in the materials, parts, and equipment sector within the province. The project will help resolve technical challenges, secure domestic sales channels, and build the foundation for win-win growth.

Twenty small and medium enterprises in the materials, parts, and equipment sector within the province will serve as technology suppliers. The province plans to hold divisional exchange meetings in March this year to facilitate matching with large and mid-sized companies that will serve as demand sources.

In particular, for projects where supply and demand companies conclude purchase agreements, the province will support costs necessary for technology development and commercialization within a limit of 70 million won, ensuring that participating companies can achieve tangible results.

Finally, ‘Government Project Participation Consulting for Materials, Parts, and Equipment Companies’ is a newly introduced project designed to increase the utilization of government grant projects by small and medium enterprises in the materials, parts, and equipment sector that lack planning capacity.

Eligible applicants are companies in the materials, parts, and equipment sector that have their main offices or registered factories within the province. Approximately twenty companies will be selected through document review and on-site evaluation and will receive support.

The province will connect expert professionals with deep understanding and rich experience in government policies with companies on a one-to-one basis, then provide education on how to write business plans and presentation techniques. Companies will also receive information about optimal support projects based on business condition diagnosis.

Noh Tae-jong, head of the Specialized Companies Support Division, said, “This year we plan to focus support efforts on commercialization and enhancement of corporate competency following technology development,” and added, “We will build the foundation for a leap to become a technology powerhouse leading the global market, surpassing our rivals.”

The application period for these new projects runs until the 5th of next month. For more information, visit EasyBiz (egbiz.or.kr) or the Gyeonggi Province R&D Management System (pms.gbsa.or.kr), or contact the Science and Technology Support Team at the Gyeonggi Economic Science and Promotion Agency (031-776-4855).