JEOLLABUK-DO < invest Korea

According to Yonhap News,

North Jeolla Province picked out six small and mid-sized companies showing innovations and enormous growth potential as this year’s local hidden champions on Apr 30. The shortlistees include Optowell Co., Ltd.(Jeonju), DACC carbon (Jeonju), JI Tech (Gunsan), Chamgoeul (Gimje), Hanumul (Gimje) and Jinwoo SMC (Iksan).

Those who’re on the list have recently spurred a huge jump in sales, witnessing an average growth rate of 55.7% over the past three years. What’s worth noticing is that the champions selected this time have all scaled up through the province-led business incubator programs. Under the sponsorship of Jeolla province and SMEs ministry, these candidates are entitled to be given a customized, support package for the next four years.

SMEs ministry will take the role of overseas marketing (up to KRW 200 billion each) whereas the provincial authorities will provide tech-supports, quality control etc. (up to KRW 300 billion each).

“With their technological expertise, these hidden champions have emerged as a new growth driver in the midst of growing woes over the impact of the coronavirus led economic disruptions.”. said an official.

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Source:Yonhap News (Apr 30, 2021)