The Ministry of Strategy & Finance announced on Aug. 4 that it would execute its 4 billion won (US$3.4 million) supplementary budget for smart factory expansion earlier than scheduled.
A smart factory can be defined as a facility in which each manufacturing step, ranging from design and production to shipment, is based on smart technology, so that customized products can be produced at a minimum cost and within the shortest possible period of time. The Korean government is planning to set up 900 smart factories across the country by the end of this year by means of its financial resources, including the supplementary budget and 10 billion won (US$8.5 million) in regional investment subsidies.
In this context, smart factory projects similar to those currently underway at the Creative Economy Innovation Centers in North Gyeongsang Province and Gwangju City are being launched nationwide. Companies selected to participate in the projects can get assistance with establishing a smart factory solution and the purchase of solution-linked automated equipment, controllers, and sensors. The Ministry of Trade, Industry & Energy and the Creative Economy Innovation Centers will pick the participants before the end of this month. Any company interested in the project can file an application at the center located in their region.