Korea Industrial Complex Corp. (KICOX) opened a center in Wonju on May 8 to provide a package of support ranging from the development of new products to R&D and consulting to tenant SMEs of KICOX’s industrial complexes in the Gangwon-do area.
The tentatively named Wonju Corporate Growth Support Center was established at the Wonju Advanced Medical Equipment Techno Tower on the grounds of Yonsei University Wonju Campus.
Among some 100 people on hand at the opening ceremony were Deputy Minister Hwang Kyu-yeon of the Office of Industrial Creativity and Innovation at the Ministry of Trade, Industry and Energy (MOTIE), Rep. Lee Kang-hoo, and KICOX President Kang Nam-hoon.
The Wonju Corporate Growth Support Center is one of three similar centers that have already opened and will open this year. The four existing centers are located in Balwoel-Shiwha, Gyeonggi-do, Gumi, Gyeongsangbuk-do, Changwon, Gyeongsangnam-do, and Gwangju.
The establishment of Wonju Corporate Growth Support Center is designed to develop SMEs and mid-size superstars into Korean hidden champions by offering a comprehensive support for R&D consulting on the development of new products, technologies, and commercialization. The program is part of the national agenda on the so-called Establishment of Ladders of Hope for Growth of SMEs.
The centers set up in 2011 yielded good performances in terms of technology innovation capability, sales and employment. A look at tenant companies of state-run industrial complexes, which have been given a helping hand from the centers for the latest three years, indicates that they have seen development of new products, patent application, and R&D outcomes increase 10 percent over the previous year.
SMEs and mid-size superstars designated as beneficiaries of extensive support have outperformed the growth rates of all tenant companies housed at state-run industrial complexes.
Ace Machinery Co. is one of the success stories of the program.
The specialized maker of automatic folding carton-gluing machines boasted a 70 percent share of the domestic market, but its global standing was low. Entering the mid-2000s, the company found it difficult to maintain growth due to the sluggishness of the domestic market. Ace Machinery CEO Lee Chul turned to the center of KICOX for support. KICOX offered a helping hand to Ace Machinery, assisting in finding target markets based on the analysis of data from Ace Machinery and paving the way for the company to participate in overseas fairs through KOTRA’s support program.
Ace Machinery also received consulting services ranging from export to tariffs, marketing, and market exploration via related organizations and experts. The company was honored with an award of exporting $3 million worth of products in 2009. The company saw its exports surge to $7.1 million as of last year.
KICOX has established itself as an organization committed to mentoring tenant companies of industrial complexes that want to make their way into foreign markets, in line with the government’s policies to lend a helping hand to SMEs.
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