GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) Gwangju City announced December 1 that it will concentrate on finding small- and medium-sized companies (SMEs) that have growth potential and nurture them as hidden champions that will drive the regional economy.

The hidden champions refer to SMEs that have the potential to grow through technology and sustainable innovation.

Gwangju will select 100 companies by 2017 to develop them as hidden champions.

The city will provide tailored support to the hidden champions including funding, management consulting and marketing.

The project is for SMEs that are based in Gwangju, have annual sales of more than KRW 5 billion and are in the manufacturing and knowledge based industries.

The average annual growth rate over the last five years must be over 5 percent and the ratio of the investment in research and development (R&D) to the amount of sales over the last three years should be over 1 percent.

The companies are selected considering the amount of sales, growth potential, goal and strategy of growth, innovation capacity and potential.

For more information, please contact Gwangju Technopark (tel:062-602-7213).

nicepen@yna.co.kr

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