Korea supports smaller firms' transition to smart factory systems

By Kim Joo-heon Posted : June 10, 2024, 17:14 Updated : June 11, 2024, 01:27
This undated photo shows POSCOs smart factory utilizing digital technology Courtesy of POSCO ICT
This undated photo shows a smart factory utilizing digital technologies. Courtesy of POSCO ICT.
SEOUL, June 10 (AJU PRESS) - The Korea Federation of SMEs (KBIZ) is accepting applications from companies eager to participate in this year's smart factory establishment support project. The application period runs from June 1 to 17.

In collaboration with the Ministry of SMEs and Startups and steelmaker POSCO, KBIZ aims to enhance the manufacturing capabilities of small and medium-sized enterprises (SMEs) through the integration of advanced digital technologies. The project has facilitated the development of over 450 smart factories since 2019 and will support 11 more factories this year. 

Selected firms will be eligible for financial assistance of up to 240 million won ($174,355), as well as technology transfer and professional consulting services provided by experts from POSCO.

Smart factories leverage automation technologies, including the Internet of Things (IoT), artificial intelligence and big data, to optimize production processes. According to market research firm Markets and Markets, Korea's smart factory market is expected to reach $15.28 billion in 2024.

"POSCO's cooperative smart factory support project not only supports the establishment of smart factories but also significantly contributes to improving the management performance of SMEs, representing a successful example of cooperative growth between large and small businesses," KBIZ Chairman Kim Ki-moon said in a press release.

Since 2016, POSCO has been focusing on transitioning its factories into smart facilities, utilizing technology from steel production to shipment.
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