The Small and Medium Business Administration made their final announcement of the 56 companies to be designated for the 2014 World Class 300 Project on May 21, 2014.
Four Busan-based companies – Donghwa Entec Co., LTD, PANASIA Co., LTD, Panax etec Co., LTD, Oceanus Co., LTD – were among the 56 chosen.
World Class 300 is a Korean government project slated to last until the end of 2017 which aims to develop the nation’s most promising young global companies. World Class 300 targets small and medium sized businesses, with demonstrated technological innovation capability and provides them with support in management, R&D, marketing and personnel that will allow them to excel and compete on a global stage.
After a strong showing on the 2013 World Class 300 list, which included three Busan-based companies, the City of Busan is proud of having four more different Busan-based companies included in the 2014 World Class 300 Project.
World Class 300 companies are selected through a systematic process that includes an examination, on-site inspections and verification by a comprehensive evaluation committee consisting of experts from the Industry-University-Institute. These companies are the hidden champions of Korea’s economy with generous levels of R&D investment as well as high average annual growth and export rates.
The four Busan-based companies are leaders in the following fields in both Korea and overseas:
Donghwa Entec Co., LTD, a manufacturer of heat exchangers for vessels
PANASIA Co., LTD, specializing in ballast water management systems (BWMS)
Panax etec Co., LTD, which produces electrolyte solution for lithium ion batteries
Oceanus Co., LTD, an oil and gas EPCIC (engineering procurement, construction, installation and commissioning) company
In order grow 56 selected companies into world class enterprises, the government will provide customized support packages of up to 7.5 billion won to go toward R&D investment and overseas marketing. In addition, the Korea Evaluation Institute of Industrial Technology, the KOTRA and the Korea Finance Corporation will provide further consultative support.
For more information, please contact:
Economic Policy Division, Busan Metropolitan City (?888-2111)
Small and Medium Business Administration (?601-5166)
Busan Techno Park (?974-9112)
Source: Busan City News