Jeonbuk to Foster 100 Star Companies by 2030

SME Growth Ladder Restructured into Six Stages
Dedicated PM System Introduced to Manage 523 Companies

Jeonbuk Special Self-Governing Province is restructuring its growth ladder for small and medium-sized enterprises into six stages and plans to foster 100 star companies with annual sales of at least KRW 100 billion by 2030.

On October 22, Jeonbuk Special Self-Governing Province announced plans to restructure its growth ladder development program and introduce a dedicated Project Manager (PM) system to reduce gaps in support at different stages of business growth and help companies achieve sustained growth.

Jeonbuk Provincial Government building. Photo courtesy of Jeonbuk Province.

The growth ladder will be expanded from four stages to six: Dodum, Didim, Leap, Leading, Pre-Star and Star.

Newly added Didim companies are in a growth transition stage, with annual sales of KRW 1 billion to KRW 2 billion. The province will support their technology development and commercialization to help them establish a stable foundation for growth.

Pre-Star companies will be selected from among those with annual sales of at least KRW 50 billion but less than KRW 100 billion and strong growth potential. They will receive support for technology development, process improvements and marketing. The province will also connect them with dedicated Project Directors (PDs) who are experts in their respective industries to help develop and implement growth strategies.

To foster 100 star companies by 2030, the province plans to invest KRW 50 billion in provincial funds from 2027 through 2030 to develop 100 Jeonbuk-based star companies with annual sales of at least KRW 100 billion.

Support will be tailored to each company’s stage of growth and include technology development, expanded production capacity and entry into new markets. The province will also consider each company’s contribution to the regional economy, including its technological capabilities, employment and local investment, in addition to sales. The dedicated growth PM system will serve 523 companies in total: 180 companies designated under the growth ladder program and 343 companies that have graduated from it.

Jeonbuk Province will oversee the program, while the Jeonbuk Business Agency and Jeonbuk Technopark will assign a dedicated PM to each company. The PMs will assess each company’s business conditions and growth capacity and prepare a Corporate Growth Management Card (JB Growth Passport) documenting sales, employment and export performance, as well as its history of receiving support.

Jeonbuk Province plans to connect companies with the support they need, including technology development and commercialization, funding and exports. It will also monitor their growth after support programs end and continue providing follow-up assistance.

Yoo Heesuk, head of the Corporate Attraction Support Office at Jeonbuk Special Self-Governing Province, said, "We will expand support tailored to each stage of business growth and establish a system for ongoing growth management, helping companies in the province grow into leading local businesses and generate investment and jobs."

This content was produced with the assistance of AI translation services.