GWANGJU < invest Korea

(GWANGJU=Yonhap News) Gwangju Metropolitan City's 'Hidden Champion Nurturing Project' has made a significant contribution to the growth of selected local companies, the city concluded based on a study conducted by the Korean Standards Association (KSA).

Last year, the city had requested that KSA study the changes in annual sales, number of employees and investment in research and development (R&D) of the local companies selected through the project as 'Hidden Champions' before and after designation.

As of late last year, 100 Hidden Champion companies were selected, which on average saw a 13.1 percent increase in sales, 8 percent increase in employment, and 16.7 percent rise in R&D investment.

Such rate of growth is much higher than that of the city's entire manufacturing industry (sales 7.9%, employment 2.8%, R&D investment 8.9%).

Launched in 2014, Gwangju's Hidden Champion Nurturing Project aims to discover and nurture local SMEs and middle-standing companies that have outstanding technologies and immense growth potential.



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Source: Yonhap News (Jan. 25, 2018)