GWANGJU < invest Korea

According to Yonhap News,

Over a thousand so called ‘smart factories’ have newly established in the city of Gwangju and nearby regions in South Joella Province over the past six years. SMEs and Startup Agency Joella office said on Feb. 4 that the community has accommodated 1,029 smart factories so far, since the inauguration of the project in 2014. In 2014, the number was mere 11, but soon jumped to 98 in 2015, 115 in 2016, 158 in 2017 and 194 in 2018. Last year alone, the city welcomed 453 facilities. It’s predicted that roughly 500 more factories appear to move into Joella province. An official working at the SMEs agency said “A recent government report shows that an adoption of smart factories turned out to improve productivity by 30 percent, product quality by 43.5 percent, to slash production cost by 15.9 percent and shorten production deadline by 15.5 percent, making the community highly competent, have enough room to hire more workers and well prevent potential industrial disasters.”, adding that “We call for more support from all the entities involved to have mire smart factories in the city.”

When SMEs independently join this project to make their facilities ‘smarter’, they can be part of candidates to be given the government cash grants, along with the case of ‘win-win smart factory’ between large and small enterprises, who can be funded up to KRW 180 million.

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Source: Yonhap News (Feb 4, 2020)