Jeonnam Province’s ‘Jeonnam Global Top Companies’ have taken their first step toward the global stage. As Jeollanam-do is focusing on promoting the ‘Jeonnam Global Top 55 Companies Project’, which supports local small and medium-sized enterprises in their overseas expansion and fosters them into global top companies, the Silicon Valley Summit inauguration ceremony for participating companies was held at the Jeong Yak-yong Office of the Provincial Office on the 5th.
The Global Summit will be held at Plug and Play headquarters. This is an opportunity for Jeonnam companies to explore overseas expansion opportunities through Plug & Play’s global network and professional mentoring.
This summit is expected to attract approximately 4,000 participants, including overseas venture investors, IT companies, and partner companies, and provide various networking opportunities as well as attracting investment to participating companies.
Attending the launch ceremony on this day were South Jeolla Province Governor Kim Young-rok, representatives of six top global companies in Jeollanam-do, and Cho Yong-jun (Korean branch), CEO of Plug and Play, a global start-up incubator. The best global companies in Jeonnam are Human IT Solution Co., Ltd. (CEO Choi Bong-du, digital healthcare S/W development), ABR Co., Ltd. (CEO Kim Yu-tak, remanufacturing secondary batteries using waste batteries), Haesin Co., Ltd. (CEO Kim Un-bong, manufacturing of processed sea cucumber foods), Good Agricultural cooperative corporation (CEO Ki-seon Lee, Manufacturer of Naju pear juice), OMO (CEO) Heonurim (manufacturing of edible insect food), and Schnitech Co. (CEO Seung-ho Jeong, production of eco-friendly Kim Jong-ja culture film).
At the event, the efforts and preparation process for participating in the Global Summit, which will be held in Silicon Valley, USA from the 19th to the 21st, were shared.
Last January, Jeonnam Province signed a business agreement with Plug & Play to foster global venture startups at the Consumer Electronics Show (CES) 2024, the world’s largest home appliance and IT exhibition, and is accordingly promoting a project to foster Jeonnam’s top global companies.
Over the past three months, 14 companies, including 6 participating in this summit, have strengthened their capabilities to attract overseas investment through customized support such as one-on-one mentoring from Silicon Valley experts and English IR pitching consulting.
Governor Kim Young-rok said, “As this is the first time for Jeonnam to participate in a global summit through an overseas market entry development program, we ask you to do your best until the end to ensure that participating companies receive a lot of investment.” He added, “The world’s best mentoring so that many unicorn companies come out of the region.” “I hope that Plug and Play, which boasts strong networking, will make active efforts,” he said.
Meanwhile, Jeollanam-do was allocated a total of 163.2 billion won (wide region 30.4 billion, basic 132.8 billion won) in 2025 local extinction response funds, recording the largest amount in the country for four consecutive years.
According to South Jeolla Province, as a result of the evaluation of the 2025 Local Extinction Response Fund basic account investment plan by the Ministry of the Interior and Safety, Goheung-gun and Shinan-gun were selected among eight excellent cities and counties nationwide in population-declining areas and each received the maximum amount of KRW 16 billion. Among the 89 population-decreasing regions nationwide, Jeonnam Province is the only city or province with two excellent grades.
As a result, Jeonnam Province achieved the result of securing a total of KRW 631.2 billion (wide region KRW 149 billion, basic KRW 482.2 billion) over four years.
Jeonnam Province used this fund to invest heavily in overcoming the low birth rate crisis and creating conditions for youth settlement, such as Jeonnam-style 1,000-won houses (1,000 units) and public postpartum care centers (4 locations), and plans to expand investment in this field in the future.
The Local Extinction Response Fund is a financial resource provided by the government in the amount of KRW 1 trillion annually for 10 years from 2022 to respond to the local extinction crisis in areas of population decline (89 locations) and areas of interest (18 locations).
The metropolitan fund is distributed on a fixed basis taking into account population and financial conditions, and the basic fund is distributed differentially according to the results of investment plan evaluation, population decline index, etc.
The Ministry of Public Administration and Security simplified the basic fund evaluation system from four grades (S 14.4 billion, A 11.2 billion, B 8 billion, C 6.4 billion) to two grades (excellent KRW 16 billion, good KRW 7.2 billion) this year, but instead narrowed the gap between grades by up to 80 billion. It expanded from 100 million to 8.8 billion. Competition among cities and counties was fierce as it was decided to provide up to 16 billion won to the top 10% of 89 population-decreasing regions.
To ensure that 16 counties received good grades in the basic fund evaluation, Jeonnam Province actively supported consulting services, including the preparation of investment plans and PT presentation materials, in conjunction with the Jeonnam Research Institute. As a result, two out of eight excellent population reduction areas across the country achieved the feat of being selected as excellent local governments.
Goheung-gun, which was selected as an excellent city-county, plans to build a smart farm complex (facility horticulture, livestock farming, and fisheries) in connection with various government-funded subsidy projects based on the Smart Farm Innovation Valley to foster young farmers and fishermen and create start-up jobs.
As part of the ‘1 island, 1 museum’ project, Shinan-gun created a complex cultural space using books on Palgeum Island with the goal of improving the intellectual level of residents and revitalizing the local economy through the influx of living population. We plan to pursue this.
Kim Myeong-shin, head of the Population, Youth and Immigration Bureau of Jeonnam Province, said, “This year, we are actively responding to the problem of population decline and regional extinction, including the implementation of the 2050 Population Transformation Jeonnam Project, and it is encouraging that we have secured the largest regional extinction response fund in the country.” He added, “We are making the best use of the fund to implement innovative Jeonnam-type policies.” “We will discover and work closely with cities and counties experiencing population declines to promote population policies that reflect the characteristics of Jeonnam,” he said.
In order to overcome the imbalance in the domestic startup ecosystem centered on the metropolitan area, Jeonnam Province is promoting various startup support projects in cooperation with provincial-funded organizations such as the Jeonnam Creative Economy Innovation Center and professional organizations such as local universities to ensure mutual growth between the region and startup companies.
Economy Queen Reporter Hana Choi Photo: Jeonnam Province
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Interview: Jeonnam Province’s Journey to the Global Stage
Editor (Time.news): Thank you for joining us today! We’re here with Dr. Lee Ji-won, an economic development expert with a focus on regional growth and innovation. Dr. Lee, Jeonnam Province recently embarked on an initiative to elevate local companies to a global level. Can you give us some insights into this ‘Jeonnam Global Top Companies Project’?
Dr. Lee Ji-won: Thank you for having me! The ‘Jeonnam Global Top Companies Project’ is a strategic initiative aimed at supporting small and medium-sized enterprises in Jeollanam-do to expand their reach internationally. The project highlights a commitment to not just local but global economic engagement, marking a significant step forward for these companies.
Editor: That’s fascinating! Could you tell us more about the Silicon Valley Summit that was recently inaugurated?
Dr. Lee Ji-won: Absolutely! The summit, which will take place at the Plug and Play headquarters, is a crucial platform for Jeonnam companies. It’s expected to bring together around 4,000 participants, including investors and IT firms from all over the world. The goal is to facilitate networking and investment opportunities for local companies, helping them gain the necessary exposure to thrive globally.
Editor: That sounds impressive! Can you elaborate on some companies that are participating and their unique offerings?
Dr. Lee Ji-won: Certainly! There are seven noteworthy companies from Jeonnam that are leading the charge, such as Human IT Solution, specializing in digital healthcare software, and ABR, which focuses on innovative remanufacturing of secondary batteries. There’s also OMO, which produces edible insect food—a very timely venture considering the growing interest in sustainable food sources. Each of these companies brings a unique proposition that can capture global market interest.
Editor: It’s exciting to see such innovation! The backing of Plug and Play must be pivotal for these companies. What role do you think this partnership will play?
Dr. Lee Ji-won: Plug and Play is renowned for its extensive global network and startup mentorship. This partnership allows Jeonnam’s companies to tap into invaluable resources and expertise, enhancing their business models and pitching strategies. The exposure to Silicon Valley mentors can create pathways that would otherwise be challenging for these companies to access.
Editor: Shifting gears a bit, Jeonnam Province recently secured a significant amount of funding to combat local extinction and population decline issues. How does this tie into their broader economic goals?
Dr. Lee Ji-won: The allocation of 163.2 billion won in local extinction response funds is a clear indication of Jeonnam’s commitment to fostering a sustainable population and economy. This funding is not only directed at immediate measures like housing and maternity care but also supports emerging enterprises, encouraging a more robust economic environment in the long run. The synergy between improving living conditions and promoting business growth is crucial for attracting and retaining a young workforce.
Editor: That’s a holistic approach! What would you say are the key challenges these companies will face as they begin their global journey?
Dr. Lee Ji-won: One of the primary challenges will be scaling their operations to meet international standards. Additionally, navigating global market dynamics and regulations can be daunting, especially for SMEs that may lack experience in overseas expansion. However, initiatives like targeted mentoring will help mitigate these risks.
Editor: Lastly, how do you see the future of Jeonnam’s economy evolving through these initiatives?
Dr. Lee Ji-won: If properly supported, I believe Jeonnam has the potential to emerge as a significant player in various global industries. With an innovative mindset, increased international collaboration, and a focus on sustainable development, we could see the region not just attract investments, but also foster local unicorns—companies valued over a billion dollars—if they can capitalize on the global trends and support available.
Editor: Thank you, Dr. Lee, for sharing your insights! It’s clear that Jeonnam Province is on an exciting path that could serve as a model for other regions in similar situations.
Dr. Lee Ji-won: Thank you for having me! It’s a pleasure to discuss such an important topic.