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N. Chungcheong Prov. to select 15 local hidden champions

According to Newsis,

North Chungcheong Province is looking for locally based hidden champions, the provincial officials said on Feb 28, adding that the provincial authority is running a 2021 biz-support project which aims to identify and tap into an existing pool of specialized inputs to foster locally headquartered small or mid-sized companies with full growth potential. Potential candidates interested in the program are required to show valid proof of business size and its headquarters to validate the residency. They must hire more than 10 full-time employees and reach an average of KRW 5 -40 billion in sales over the past three years. The application deadline is open until Mar 29.

In addition to the aforementioned general requirements, applicants shall fall into two out of seven index categories (e.g., an annual average growth rate over the past five years: 5%↑) devised for viability assessment. The candidates must also be consumer goods companies or industrial goods manufacturing companies highly involved in the province’s key industry, pivotal to the growth of the community’s economy, such as ICT, bio-healthcare, transport equipment parts etc.

Anyone interested in the program can visit and submit application forms directly to Chungbuk Technopark Contact Center, or send via mail. After going through three stages of document screening and selection process, 15 candidates shortlisted will be announced at the end of April. Once selected, the candidates are entitled to enjoy a package of financial support within budget limits capped at KRW 70 million each for three years. They’re also qualified to set up an individualized growth strategy, to be provided with a string of R&D or marketing supports optimally suited to each company and to be given preferential treatment for the state-led projects.

There will be a business-ombudsman program, a dedicated complaint-handling body to investigate and resolve grievances.

Source Text

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Source: Newsis (Feb 28, 2021)

** This article was translated from Korean.