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SMEs Agency in Gwangju, Jeonnam office picked 10 hidden champions
Startups and SMEs Agency in Gwangju, Jeonnam office announced on May 31 that the authorities selected 10 promising local enterprises as global hidden champions. Finding global hidden champions is part of agency’s main project to discover and help small enterprises with full potential grow into bigger, competent businesses.
Potential candidates to be picked are required to be SMEs whose previous year sales total KRW 10 ~100 billion or exports over USD 5 million. Almost 34 small businesses have put their names on the list of hidden champions since 2017 in Gwangju and South Jeolla Province. Each has recorded an average of KRW 23.2 billion in sales.
The selectees this year showed an average of KRW 25.5 billion in sales, with previous year exports of USD 7.91 million, which account for 36% of the total sales revenue. The figures well explain their strong growth potential as hidden champions.
Once chosen, they’re entitled to enjoy a multitude of financial and administrative benefits such as branding, exhibition, technology development, insurance and even loan interests.
nicepen@yna.co.kr
** This article was translated from Korean.
Date
2020.06.11
Views
352
According to Yonhap News,
Startups and SMEs Agency in Gwangju, Jeonnam office announced on May 31 that the authorities selected 10 promising local enterprises as global hidden champions. Finding global hidden champions is part of agency’s main project to discover and help small enterprises with full potential grow into bigger, competent businesses.
Potential candidates to be picked are required to be SMEs whose previous year sales total KRW 10 ~100 billion or exports over USD 5 million. Almost 34 small businesses have put their names on the list of hidden champions since 2017 in Gwangju and South Jeolla Province. Each has recorded an average of KRW 23.2 billion in sales.
The selectees this year showed an average of KRW 25.5 billion in sales, with previous year exports of USD 7.91 million, which account for 36% of the total sales revenue. The figures well explain their strong growth potential as hidden champions.
Once chosen, they’re entitled to enjoy a multitude of financial and administrative benefits such as branding, exhibition, technology development, insurance and even loan interests.
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nicepen@yna.co.kr
Source: Yonhap News (May 31 , 2020)
** This article was translated from Korean.