Revitalizing the Local economy Through SME Support

Buk-gu, a district within Gwangju, South korea, is launching a extensive initiative to bolster the competitiveness of its small and medium-sized enterprises (SMEs). A total investment of ₩225 million (approximately $170,000 USD) will be allocated across four key sectors, each designed to address specific challenges and opportunities faced by local businesses.

Four Pillars of SME Growth

The initiative focuses on customized projects aimed at propelling SMEs forward. These projects are categorized into four distinct areas:

• Market Pioneering Voucher Support: Facilitating overseas expansion.
• Online Marketing Support: Enhancing digital presence and sales.
• Design development Support: strengthening brand identity.
• Technology Transfer Support: Fostering innovation through technology adoption.

Breaking into Global Markets

The Market Pioneering Voucher Support Project is specifically designed to empower companies to venture into international markets. This project offers vouchers tailored to the unique needs of each participating company.

the support encompasses four critical areas for overseas market entry:

• Export promotional production.
• Telecommunications and translation services.
• Participation in domestic and foreign exhibitions.
• Domestic and foreign standard certification support.

This assistance is available to 12 companies with export values less than $20 million.

Boosting Online Presence and Sales

recognizing the importance of digital marketing, the initiative includes online marketing support projects. These projects aim to enhance companies’ online presence and drive sales through strategic online engagement.

Ten companies with promising products will participate in a unique program where general consumers use their products for approximately two weeks and share detailed reviews on social media platforms. This approach leverages the power of social proof to induce the sympathy of potential customers and lead to sales.

Crafting a Strong Brand Identity

The Design Development Support Project focuses on strengthening the brand identity of participating companies through the development of CI (Corporate Identity) and BI (Brand Identity) elements.

This project is open to seven companies that have maintained their headquarters or factory location in Buk-gu for more than one year. Local design companies will be matched with participating businesses, and each company can receive up to ₩9 million through a structured program that includes expert consulting, intermediate reporting, trademark application assistance, and a final evaluation.

Driving Innovation Through Technology Adoption

The Technology Transfer Support Project aims to facilitate the transfer of innovative technologies from universities and public research institutes to local companies, fostering new growth opportunities.

Eight companies within their first seven years of operation will be selected to receive technology transfer agreements, commercialization consulting, and follow-up support. This initiative seeks to bridge the gap between research and practical application, driving innovation within Buk-gu’s SME sector.

Continuous Advancement and Adaptation

Buk-gu is committed to continuous improvement and adaptation. At the conclusion of each project, a satisfaction survey will be conducted among participating companies.The feedback gathered will be used to identify challenges, areas for improvement, and inform the design of future projects.

A Word from Buk-gu Leadership

The head of Buk-gu emphasized the importance of SME growth for the overall health of the local economy.

I think that the continuous growth of SMEs must be supported in order to revitalize the stagnant local economy.
Buk-gu official

The official further stated the district’s unwavering commitment to supporting local businesses:

We will spare no effort to strengthen the competitiveness of SMEs, which are the basis of the local economy.
Buk-gu Official