This figure is up 7.6 percent, or 121.9 billion won, compared to a year ago. The financial support will be used to foster their major subcontractors into global suppliers by helping them expand the scope of overseas sales channels.
The Federation of Korean Industries and the National Commission for Corporate Partnership held a meeting on April 7 at the FKI building in Yoido in Seoul where they revealed an action plan for 2014 to promote corporate partnership.
Under this plan, they will provide the 1.71-trillion-won financial support in the following six areas—R&D, management innovation, overseas sales channel exploration, talent cultivation, financial guarantees and loans, and domestic sales and procurement.
By area, the domestic sales and procurement area will be given the largest financial support of 559.2 billion won, followed by productivity with 452.7 billion won, R&D with 285.5 billion won, and financial guarantees and loans with 284.8 billion won.
