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Daejeon city to extend support for defense industries with a KRW 60 bln investment over the next five years
The city of Daejeon announced on Apr. 13 that the local authorities are planning to make a KRW 60 billion (KRW 21 from national and the rest KRW 39 billion from the municipal budget) investment by the year 2024, in a move that could systematically grow local SMEs in defense industries into global giants highly competent. The plan contains three main strategies which elaborate on embracement of a cross-sectoral ecosystem to further advance defense industry, improvement in industrial competitiveness and a quintuple partnership connecting the armed forces, industries, academia, institutions and public bodies, along with 12 subsequent tasks to be pushed for.
The city aims to attract over a hundred defense companies anticipated to raise KRW 400 billion in sales and KRW 25 billion in export revenue by 2024, with new employees of 1,700 to work with.
The authorities will also step into the courses to make the city, mainly centering around Ansan national defense cluster, biz, tech and HR intensive, while joining open contests and pilot projects.
In addition, Daejeon city also pledged to extend support for the industries involved for developing homegrown parts for key defense technologies and provide personalized assistance for export, making sure to get the city project to form a DAPA (Defense Acquisition Program Administration) led local defense industry cluster to be approved.
cobra@yna.co.kr
** This article was translated from Korean.
Date
2020.04.23
Views
327
According to Yonhap News,
The city of Daejeon announced on Apr. 13 that the local authorities are planning to make a KRW 60 billion (KRW 21 from national and the rest KRW 39 billion from the municipal budget) investment by the year 2024, in a move that could systematically grow local SMEs in defense industries into global giants highly competent. The plan contains three main strategies which elaborate on embracement of a cross-sectoral ecosystem to further advance defense industry, improvement in industrial competitiveness and a quintuple partnership connecting the armed forces, industries, academia, institutions and public bodies, along with 12 subsequent tasks to be pushed for.
The city aims to attract over a hundred defense companies anticipated to raise KRW 400 billion in sales and KRW 25 billion in export revenue by 2024, with new employees of 1,700 to work with.
The authorities will also step into the courses to make the city, mainly centering around Ansan national defense cluster, biz, tech and HR intensive, while joining open contests and pilot projects.
In addition, Daejeon city also pledged to extend support for the industries involved for developing homegrown parts for key defense technologies and provide personalized assistance for export, making sure to get the city project to form a DAPA (Defense Acquisition Program Administration) led local defense industry cluster to be approved.
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cobra@yna.co.kr
Source: Yonhap News (Apr. 13 , 2020)
** This article was translated from Korean.