Samsung, Ministry of SMEs and Startups provides KRW 30 billion to develop new tech in Korea

For the first time, Samsung has entered into a Memorandum of Understanding (MoU) with the Ministry of SMEs and Startups at the headquarters of ‘With Wave’, a small and medium-sized company based in Yongin-C, Gyeonggi-do.

Through the agreement, the Ministry of SMEs and Startups and Samsung will provide 15 billion won each and a total of 30 billion won in five years’ live support for small and medium-sized businesses to develop new technologies and localize materials, parts, and equipment. From 2022 to 2026.

Samsung proposes joint technology development to stabilize the supply and demand of network components and to improve the competitiveness of domestic connectors through the localization of connectors.

If the wave succeeds in technological development and localization with financial and technical cooperation with the Ministry of Electronics and SMEs and Startups, it is hoped that it will contribute to the competitiveness of the domestic 5G terminal and base station business.

Based on these successes, Samsung this time decided to extend the business agreement with the Ministry of SMEs and Startups and create a new 30 billion joint development fund. There are also plans to expand the field of assistive technology for the localization of systems semiconductors, AI, robots, bio-health and materials, parts, and equipment.

Since 2008, the Ministry of SMEs and Startups has collaborated with large corporations, medium-sized companies and public institutions to provide joint funding to develop technology or products for SMEs.