BUSAN < invest Korea

(BUSAN=NEWSIS) Busan City announced December 15 that it has selected 110 leading companies to develop small and medium-sized companies that have the potential to drive the economic growth of Busan.

There are 325 leading companies in Busan.

The city has set policy goals for leading companies since 2010 to develop and manage small and medium-sized companies.

The companies were selected based on the business scale including the total sales and number of employees; the business potential considering the current net income and the rate of export increase; the technology power, such as research and development (R&D) and the ration of investment; and the growth potential and the ripple effect the region.

To develop hidden champions for each strategic industry, Busan has promoted support projects for leading companies including capital loans and guarantee services, R&D and technology development and marketing services.

“We will focus on developing regional hidden champions and strive to turn them into global leading companies by following the government’s policy direction for small and medium-sized companies,” said a Busan official.

heraid@newsis.com