JEJU-DO < invest Korea

According to Newsis,

Jeju-do will invest KRW 30 billion in the project to foster clean bio companies in the province.

On November 26, Jeju-do announced that the "Scale-up Project for Clean Jeju Bio Company" was finally selected as "Reginon+end 50+", which is the regional specialization project by the Ministry of SMEs and Startups.

To this end, the province plans to invest KRW 30 billion in total project expense for three years until 2026 in order to foster 16 leading companies in the clean bio sector, help supported companies achieve KRW 214 billion in sales, and induce the creation of 2,174 jobs.

"Reginon+end 50+" is a central-local governments' cooperative mega-project that supports resolution of regional issues and regional specialization projects to the complete in order to increase the share of non-metropolitan companies' sales in the domestic economy to more than 50% by 2027.

In order to successfully perform regional specialization projects, the province selects food and cosmetics companies and promising companies for clean bio industries due to high future growth potential in terms of sales, employment, and exports. The province will also form a consultative body made of innovative organizations to support innovation and growth of companies.


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Source: Newsis (November 26, 2023)