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Gwangju city to select 15 local hidden champions

According to Yonhap News,

15 local hidden champions were newly selected by the city government, said Gwangju Technopark on May 7.
The selectees include AM Special Vehicle Co., Ltd, Hyndai Hitech Co., Ltd, HDT, Altech, BA Energy, Bestc, Kkamco, DRtech, Hyundaimc, Cendori, Namyang Lighting Technology Ltd., Worldplus, SDM Co., Ltd., Changeok.
Evaluation criteria for the title are those who gained average sales growth rate over 5 percent over the past five years, or earned KRW 5~ 40 billion in sales for the last three years, or those with R&D spending rate over 1 percent on average and with 70 percent of employees permanently contracted.
Almost 46 companies have been selected as the hidden champion so far, and 26 more are expected to be added by the year 2022.

Once entitled, the selectees maintain the championship for three years and can be given business management training and different courses of assistance by each year. Technopark said, 31 companies who’ve once got the title have shown an increase in sales by 8 percent year on year (KRW 6.4 billion), adding 121 new jobs.

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Source: Yonhap News (May 7 , 2020)

** This article was translated from Korean.

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