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MSS to foster regional industries by injecting KRW 11.4 bn

According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of SMEs and Startups (MSS) will inject KRW 11.4 billion to grow small and medium enterprises in cities, counties, and districts.

MSS said on March 18 that it plans to make public announcement about "2019 Plan to Support Regional Innovation System (RIS, referring to the case in which production of the particular industry has been traditionally maintained in the specific region, resulting in the presence of a number of related companies in the region, or handed-down of relevant technologies)" on March 19.

The plan will be implemented by discovering support projects for about 23 enterprises, mostly to be led by regional innovation institutions in non-capital areas. In particular, support will be concentrated on manufacturing SMEs based on regional industries.

MSS will take in application forms online and offline, followed by site visits and face-to-face assessment. Its final decision will be made in May.

It will make assessment based on the competitiveness, appropriateness of support projects, and expected effects in vitalizing the regional economy.

More details on applications can be found on the websites of MSS( and Korea Institute for Advancement of Technology(

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Source Text

Source: Yonhap News (March 18, 2019)

** This article was translated from Korean.

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