The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on the 15th that it had selected Gyeongsangbuk-do as the local government to promote the 'Regional-led Small Business Fostering Project', which is being introduced for the first time this year.
The 'Local-led Small Business Development Project' is a new policy task included in the 'Comprehensive Plan for Small Business Support 3-Years ('25-27)' announced by the Ministry of SMEs and Startups on December 18th last year. It is a project in which the Ministry of SMEs and Startups and local governments work together to establish a small business development plan that reflects regional characteristics and invest policy capacity within the region to intensively develop local small businesses for 3 years. The Ministry of SMEs and Startups plans to promote the project in cooperation with about 10 local governments by '27, and Gyeongsangbuk-do was selected for the first time this year.
The 'Gyeongsangbuk-do Small Business Development Project' will be carried out by Gyeongbuk Techno Park as the project's dedicated agency for three years. Gyeongbuk Techno Park will establish a small business policy cooperation system with 22 basic local governments in Gyeongbuk, Yeongju and Gyeongsan Small Business Complex Support Centers, universities, research institutes, etc., and will also serve as a small business policy hub.
This year, the first year, we plan to establish a foundation for fostering small businesses in the region through a linked support of 1 billion won (500 million won from the national budget and 500 million won from the local budget) and 2.5 billion won for small business specialized support projects (smart manufacturing support, market development, and work environment improvement). We plan to build a sustainable small business fostering ecosystem by '27 by reviewing and supplementing the project operation performance every year.
Lee Dae-geon, the Director General of Small Business Policy, emphasized, “Small and medium-sized businesses are the core driving force of the manufacturing industry, which accounts for 88.9% of the domestic manufacturing industry, and the regional economy. In order to effectively foster small and medium-sized businesses with strong regional characteristics, focused policy support through cooperation between the central and local governments is necessary.” He added, “As this is the first step for the regional-led small and medium-sized business fostering project, we will make sure that related policies are successfully established in the field, and we will continue and strengthen policy support so that small and medium-sized businesses can grow into small businesses.”
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