ULSAN < invest Korea

On December 13, Ulsan-si announced that the "Automobile Parts Industry Digital Innovation Transformation Project" was finally selected for the "Region+end 50+," a regional specialization project of the Ministry of SMEs and Startups (MSS).

"Region+end 50+" is a project promoted by the central and local governments in cooperation to raise the share of sales of non-metropolitan companies to more than 50 percent in the domestic economy by 2027.

MSS will select 21 projects from those proposed by 17 metropolitan cities and provinces and provide intensive support of KRW 400 billion per annum for three years from next year to 2026.

KRW 30.2 billion will be invested in the "Automobile Parts Industry Digital Innovation Transformation Project" next year.

This is the largest project among 21 projects by 17 cities and provinces nationwide.

Ulsan-si plans to provide support customized to the types of main production parts of local auto parts companies.

According to the city's customized support strategy, the city will first provide policy funds and smart factories to parts companies that produce batteries and electric devices, which have high growth potential during the future transition period, to accelerate their growth.

The city will provide technical support and policy funds to parts companies that produce body parts and assembly that can be applied to both future cars and internal combustion engines cars, so that they become capable of meeting various demands of finished car companies.

The city will support for discovering new business models and policy funds to companies that produce core parts for internal combustion engine parts such as engines to help stabilization of their business.

The city aims to achieve 220 new employees and KRW 272.1 billion in sales from commercialization over the three years of the project period.



jjang23@yna.co.kr

Source Text

Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.

Source: Yonhap News (December 13, 2023)