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Seoul to form a KRW 10 bln aid package to help auto parts industry to stay resilient amid the unforeseen crisis

According to Yonhap News,

The government of S.Korea forms a KRW 10 billion short term aid package which goes to R&D as part of relief measures to help auto industry stay resilient and competent in the midst of the coronavirus pandemic.

The trade ministry announced on Mar. 29 that the authorities are embarking on the project which aims to jump start auto business in Korea, underlining provisions to mainly help R&D sectors.

The size of the grants is reported to be valued at KRW 10 billion and the money will be funneled through small auto parts makers.

Those interested in the program can apply until Apr. 28 from Mar. 30 and will be selected going through necessary screening process in mid-May. The aid covers R&D projects, which particularly help add extra value to the existing technology, pursue cross-sectoral convergence or become technologically self-sufficient enough to lower external reliance on core technologies.

The ministry said candidates temporarily out of business, battered by the coronavirus outbreaks are likely to become the priority to get the aid money in hand.

Source Text

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Source: Yonhap News (Mar. 29 , 2020)

** This article was translated from Korean.

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