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Biz News Korea(Eng)

Gov’t’s $632 mn investment to foster ‘legendary’ companies

Collected: 2024.03.21

Distributed: 2024.03.22

Source: Go Direct

[Photo by MK DB]

The South Korean Ministry of SMEs and Startups took decisive action to foster small and medium-sized enterprises and revitalize the country’s economy. SMEs and Startups Minister Oh Young-ju visited Yujin Technology, a manufacturer of secondary battery equipment in Cheongju, Chungbuk Province, on Wednesday for a site tour which also included meetings with the province’s large and small companies in the secondary battery sector.

The meeting was organized to review the Legend 50+ project, for which 1,354 companies were selected in February 2024.

Legend 50+ is a region-specific project with 17 metropolitan local governments to help local SMEs become more innovative and competitive. The governments will provide support worth up to 840 billion won ($632 million) by 2026 under the project.

Chungbuk has been designated for two projects in the secondary battery and semiconductor sectors, with 75 local SMEs currently participating in the project.

By Kim Dong-eun and Minu Kim

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