GWANGJU < invest Korea

According to Yonhap News,

On December 13, Gwangju-si announced that it has selected 35 excellent hidden champions that will lead the local economy, including Kumho Technical Industrial and Gwangwoo R&A.

Thirteen companies were re-designated, while 22 companies were newly designated.

Selected companies will receive support in such areas as R&D project planning, new technology commercialization, and process improvement for three years of designated period.

They can also receive support in management and technology areas thanks to collaboration between Gwangju Metropolitan City Government, Ministry of SMEs and Startups, Gwangju Techno Park, and Gwangju Credit Guarantee Foundation.

The enterprises eligible for the selection of excellent hidden champions are those engaged in manufacturing with sales of more than KRW 5 billion (in case of the knowledge service industries, more than KRW 1 billion), with annual sales growth of more than 5% over the past five years or the share of R&D investment accounting for more than 1% of sales over the past three years.

sangwon700@yna.co.kr

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Source: Yonhap News (December 13, 2023)