CHUNGCHEONGBUK-DO < invest Korea

According to Newsis,

Chungbuk-do and Chugbuk Technopark announced on February 15 that they had selected Saehan (Chungju), Wooyoung Medical (Jincheon), Yujin Technology and CO-MS (Cheongju) to take the lead in industrial growth.

It will foster them as the companies who can contribute to self-reliant growth, leading the region, with a goal of mutual growth of SMEs.

The province made selection based on requirements: average sales of KRW 5 billion-40 billion in the past 3 years; the average sales growth rate at 20.4% or higher in the past 5 years; the share of investment in R&D at 4.1% on average or higher, among others.

The selected 4 companies have high growth potential, and expected to take the lead in the regional industry and economic revitalization through collaboration between companies.

Their qualifications will be maintained for 3 years, and could be extended up to 3 years depending on performance.

The province plans to support so that they can become main pillars of regional major industries along with other companies capable of collaboration in the region, in connection with various policy measures and local governmental support.

They will each receive consultation on collaboration strategy and R&D project planning, matching with specialized project managers and support for commercialization.

They will receive R&D budget of up to 1 billion for 3 years at maximum.

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Source: Newsis (February 15, 2022)