JEJU-DO < invest Korea

According to Yonhap News,

Jeju Province Development Co.,(JPDC) announced on Nov. 13 that an effort to localize 45 percent of machine parts in the assembly line was selected as a win-win story between local authorities and small businesses.

By forming a cooperative network between local SMEs based upon direct transaction, Jeju Province Development Co., received positive feedback. In an attempt to reduce costs from heavy reliance on imported parts in Jeju Samdasu factories- a bottled water producer, and to shorten a production deadline, JPDC has increased the proportion of domestically produced machine parts used in the assembly line since 2016.

To make the project successful, JPDC ran a benefit-sharing program, an incentive plan to reward employees for the contribution to the work. This allowed them to use over 45 percent of factory parts made in Korea. JPDC also induced business entities involved to make direct transaction to change the current practice of delivery system, while helping local SMEs stay more competitive.

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Source: Newsis (Nov. 13, 2019)