South Korea's Ministry of Science and ICT said on Wednesday it newly selected 60 outstanding companies based in R&D special zones for support under the Global Boost Up programme to help them enter the North American and European markets.

The selected companies will strengthen their global investor relations (IR) and commercialisation capabilities in South Korea. From the second half of this year, they will receive support through local programmes to identify customers and conduct overseas proof-of-concept projects (PoC).

R&D special zones help companies grow by building a full-cycle support system that runs from research to start-ups, commercialisation, investment and global expansion. The ministry has promoted the Global Boost Up programme since last year so that corporate competitiveness accumulated through support for R&D special zones can translate into tangible results overseas. The programme provides comprehensive support such as matching deep-tech companies in R&D special zones with global demand, linking them to local PoCs and international joint technology commercialisation (R&BD).

In its first year, Global Boost Up linked 26 PoCs with local demand sources in North America and Europe. It generated results including $12.28 million in exports and overseas investment raised, as well as 3 cases of establishing overseas subsidiaries. Based on the programme's support effects and results, the ministry is expanding the regions supported for global expansion this year from a focus on the United States and Europe to Asia.

To that end, it will additionally select 40 companies by June this year to support links to local PoCs and help them enter Asian markets centred on places such as Singapore. The strategy is to promote market diversification and stronger global competitiveness for companies in R&D special zones through local demonstrations and demand matching.

First Vice Minister Hyuk-chae Koo (구혁채) said, "We will actively support companies in R&D special zones so they can grow into global companies with technological strength and business capabilities."