BUSAN < invest Korea

According to Yonhap News,

(BUSAN=Yonhap News) Busan city announced on April 1 that it will implement a program to support technology innovation of the auto parts industry struggling due to sluggish sales and exports.

The program will be divided into support for diversification of convergence technologies in auto parts and improving export companies' technology innovation capabilities.

To better respond to the fourth industrial revolution, the companies producing electrical, hybrid, or self-driving auto parts, light weight auto parts, and parts incorporating alternative energy will be eligible to receive support.

With KRW 500 million, the city plans to help manufacturing prototype, upgrading existing products, and improving the process.

The city will also run a program to support manufacturing, test, certification, and analysis of prototypes for exports to auto parts companies struggling due to sales decrease from domestic market recession, up to KRW 200 million.

12 companies received support in prototype manufacturing and experts' advice on technology last year witnessed KRW 3.15 million increase in sales, while hiring 23 people.

The number of companies received support in prototype manufacturing for exports, started in 2017, climbed to 16 last year.

The city government, along with Busan Techno Park, plans to receive applications within month.

pcs@yna.co.kr

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source Text

** This article was translated from Korean.

Source: Yonhap News (April 1, 2019)