BUSAN < invest Korea

According to Newsis,

Busan-si to select companies with potential and support R&D expenses.

The city announced on January 13 that it would be recruiting local companies to participate in the 'Regional Representative Medium-sized Enterprise Fostering Project', a public contest offered by the Ministry of Trade, Industry and Energy (MOTIE).

The project is to provide support so that the companies recommended by local governments can grow into global specialized companies, who will lead the regional industrial ecosystem and create quality jobs.

The selected companies will receive comprehensive support required for the growth of companies, including support for R&D, establishment of IP strategy after technology development, and management strategy consultations. In 2022, 5 new projects will be selected in total, with up to KRW 700 million for 2 years supported for each project.

The requirements for application are: the Mid-sized Enterprises who have▲ the headquarters or main business site in Busan, ▲ the R&D intensity of the previous year is 1% or more, or the share of exports in sales of the previous year is 10% or more. The city can recommend up to two companies by priority after receiving an application from a company, and should form a consortium with a local university. In addition, 3 additional points will be given if the project falls within the category of regional strategic/major industries or 25 strategic investment fields of MOTIE.

Those who want more information can refer to the project announcement on the websites of MOTIE or the Korea Institute for the Advancement of Technology (KIAT). The companies who want to be recommended by Busan-si can contact the Manufacturing Innovation Department of the Busan metropolitan government by January 26.


itbrian@newsis.com

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Source: Newsis (January 13, 2022)