Industry ministry takes World Class Plus support program to Gwangju

The industry ministry said Monday it held a briefing in Gwangju on its support policies for mid-sized companies and on World Class Plus, its flagship program to turn them into global exporters.

The session ran from 2 p.m. to 3:30 p.m. at the Kimdaejung Convention Center, with about 100 people attending, including executives of mid-sized companies based in the newly integrated Gwangju-Jeonnam special city and officials from regional innovation bodies such as the Jeonnam Institute for Regional Industry Promotion. It was aimed at raising local companies' understanding of the program and drawing applications from hopeful firms for next year's round.

The ministry chose Honam first because companies there have fared poorly in the selection process for World Class Plus, which is open to mid-sized firms and candidates with growth potential. Selected companies receive up to 5 billion won ($3.72 million) over four years in research and development funding, along with export, financing and consulting support delivered through specialist agencies.

From this year the program reserves more than 60 percent of its selections for companies located outside the capital region, and it pays them more: up to 5 billion won over four years, against up to 4 billion won ($2.98 million) for a company based in the Seoul metropolitan area.

The briefing follows the government's Oct. 1 announcement of the Third Basic Plan for Promoting the Growth of Mid-Sized Companies, issued jointly by the relevant ministries. The plan calls for expanding the pool of anchor mid-sized firms with proprietary technology and restoring the ladder that carries companies from small to mid-sized to large.

After Gwangju, the ministry plans to hold similar sessions this year in the southeastern, central and Daegu-Gyeongbuk regions, as well as in Jeju, Gangwon and North Jeolla Province. Next year it intends to add more in-person briefings and introduce online sessions, with the share of selections going to regional companies set to rise further.