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Jeonbuk-do's Project of Upbringing Leading Companies produce an annual average growth of 8%

According to Yonhap News,

(JEONJU=Yonhap News) Jeonbuk-do announced on March 30th that the sales, exports, and employment rate of companies selected for the 'Leading Company Upbringing Project' experienced significant growth.

On average, annual sales grew 8.63% and exports 6.14% for five years, according to Jeonbuk-do's data analysis of 79 leading companies' performance from 2013 to last year.

Employment increased by 7.81%, wages by 8.19%, and research and development costs increased by an annual average of 7.07%.

The economic impact of the last five years is KRW 261.6 billion, 10.7 times the budget of KRW 24.5 billion.

Jeonbuk-do explained that the statistics convey a meaningful message as it shows accomplishments made in harsh conditions such as the closure of Hyundai Heavy Industries and GM Korea's factories in Gunsan.

Jeonbuk-do started the 'Leading Company Upbringing Project' since 2010 to cultivate a company that would serve as a backbone of manufacturing industry.

The project selects small and medium-sized companies with fine technology and growth potential and provides support for technological development, marketing, and consulting for 5 years.

Na Seok-hoon, the Director of Ministry of Economy and Industry of North Jeolla Province, said "Systematic support for sound SMEs led to remarkable growth." "We will continue to lead growth in the manufacturing industry in Jeonbuk-do by actively cultivating leading companies," the Director said.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (November 30, 2018)