GnT, a startup that has grown through South Chungcheong Province's startup support program, struck a contract worth 460 billion won with Prettl of Germany, a global automotive electronics group, setting a new example of regional startup success. Attendance at an overseas export fair held in Vienna, Austria, in Oct. last year with the province led to the large-scale deal.
◇ Support fire to open on- and offline sales channels at home and abroad for regional corporations
According to South Chungcheong Province on the 3rd, the province supported 982 corporations through domestic and overseas export fairs during the eighth popularly elected administration. The number of export consultations these corporations conducted at the fairs was 8,537, amounting to $1,572,560,000 (about 2.3071 trillion won).
The export consultation performance also led to actual exports. The size of memorandums of understanding (MOUs) signed by 473 corporations that participated in the eighth administration's export fairs with overseas buyers came to $710,380,000 (about 1.0411 trillion won).
The province also actively supported opening domestic sales channels for corporations. To support small and midsize corporations and small merchants, the province has steadily held the Hope Dream Sales Fair. In 2023, 82 companies participated and recorded 673.83 million won in sales, followed by 124 companies last year that posted 857.57 million won in sales.
It is also helping small and midsize firms get listed on social commerce platforms and TV home shopping. From 2023 to this year, the sales of 91 corporations that received support for entry into social commerce exceeded 5 billion won.
◇ Backing finances from startup space to a record-sized venture fund
Support for startups is also expanding. The province expects that support for startups will lead to more jobs. If corporations grow with provincial support, they will increase production facilities such as factories, which can in turn revitalize the regional economy. In fact, GnT, which signed a large-scale contract thanks to the province's active support, decided to invest in a factory and equipment in South Chungcheong to stably supply products to Prettl.
The province is operating startup spaces for startups that struggle to find initial move-in facilities. Currently, 25 institutions in the province are operating 35 facilities. The number of corporations that have moved in here is close to 1,000.
These corporations can receive full-cycle support from startup space to customized support by growth stage, marketing, and consulting, and even opening sales channels. Starting next year, the province plans to add 13 more facilities to secure space for more than 700 corporations to move in.
It is also operating its own funds to support startups with high growth potential. This year, the province created the Chungnam Corporate Growth Venture Fund, the first region-dedicated parent fund in South Chungcheong, with 10 billion won of provincial funds. The fund totals 101.1 billion won.
Kim Tae-heum, governor of South Chungcheong Province, said, "We have opened overseas export routes so that our corporations can compete confidently on the global stage," and added, "We will create a 'business-friendly South Chungcheong' where corporations can manage with confidence with a solid partner and take on greater challenges."