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Chungbuk-do to select 16 star companies this year to support technology innovation and exports

On April 22, North Chungcheong province announced that it will receive applications for "2019 Chungbuk Star Companies" to revitalize the regional economy and foster SMEs.

This program is to select outstanding SMEs with great potential for growth and job creation, and support in technology innovation, export, and discovery of new partners.

If selected as a star company, the company will receive various benefits worth up to KRW 36 million for 3 years.

Benefits included are: establishing growth plans by examining the growth steps; providing tailored support for technology innovation and exports; export consultation; and preferential treatment in government-led or participating programs.

Those eligible for application are IT parts, Bio and Healthcare, Transport machinery parts companies headquartered in Chungbuk.

Also, they have to meet two or more conditions among: averaged sales between 5 billion-40 billion won in the past three years; 10 or more permanent workers; the share of exports 10% or higher; and sales growth rate 5% or higher.

The applications shall be submitted online via Chungbuk Techno Park (TP) Contact Center by April 26. It can be submitted by postal mail or in person as well.

Chungbuk TP plans to select star companies through three-step review on requirement review, presentation, and on-site inspection.

A provincial government official said, "We will build diverse support strategies to ensure selected companies grow a global small but competitive company."

Source Text

Source: Newsis (April 22, 2019)

** This article was translated from Korean.