Seoul Technopark (hereinafter referred to as Seoul TP) announced that it has been operating the "Business Restructuring Support Project" since 2021 and has been serving as a business restructuring partnership organization, identifying and supporting companies participating in the Ministry of Trade, Industry and Energy's (MOTIE) "Business Restructuring Plan Review." Among the 19 technoparks nationwide, Seoul TP is the only one operating as a business restructuring partnership organization.
Over the past four years, Seoul TP has supported 102 companies nationwide in obtaining approval for the Ministry of Trade, Industry and Energy's "Business Restructuring Plan Review." Key recipients include Yulchon Chemical Co., Ltd., Yongsan Co., Ltd., PK Valve & Engineering Co., Ltd., and Autorex Co., Ltd. Companies that receive approval through the Business Restructuring Plan Review can receive tailored support, including preferential interest rates, tax benefits, regulatory exemptions, and employment assistance.
Seoul Technology Partnership's "Business Restructuring Support Project" is based on the "Special Act on Enhancing Corporate Vitality" (Corporate Vitality Act). Originally enacted as a temporary special law to support proactive and voluntary corporate restructuring, it will be converted to a permanent law starting in 2024, laying the foundation for mid- to long-term business restructuring support. This conversion of the Corporate Vitality Act to a permanent law has become an essential element for continuously enhancing competitiveness in the rapidly changing industrial ecosystem following the Fourth Industrial Revolution.
Seoul TP provides a package of support across various fields to help companies effectively pursue business innovation through business restructuring. Participating companies are nationwide businesses with at least four years of operation that are pursuing business restructuring plans based on future technologies such as new growth, carbon neutrality, digital transformation, and national strategic technologies, or are planning business restructuring to address oversupply and stabilize the supply chain.
Business restructuring can occur not only through comprehensive business innovation but also through the process of combining existing products and technologies in new ways. A prime example is the iPhone, which innovatively combined existing technologies.
Seoul TP CEO Jong-wook Yoon stated, “Preemptive innovation has become an essential element for securing corporate competitiveness,” and added, “Seoul TP will continue to do its best to discover companies that aim to become first movers in the market through business restructuring.”
Seoul TP plans to continue its efforts to identify companies eligible to participate in the business restructuring support program through 2025. Related information can be found on the Seoul TP website .
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