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The SMEs Agency in Gyeongnam region of South Korea announced on May 25 that it selected DongJin Bolt (동진볼트) as the 71th proficient company representing South Korea's essential technology. The so-called essential technology refers to the fundamental constructions, including automobile, shipbuilding, and IT industries that are indispensable to mainstream industries in South Korea. The Agency assessed on technical capability, patent records, and revenues and selected qualified companies from 6 categories (casting, forming, welding, surface treatment, heat treatment, plastic working) to represent South Korea's essential technology.

DongJin Bolt is a specialized bolt and nut maker within the plastic working category. Last year alone its revenue reached KRW 11.6 billion. The Agency will provide monetary and consulting support for DongJin Bolt's technical development, talent deployment and investments.

The chief of the Agency visited DongJin Bolt on the same day and stated, "Besides the mainstream industries like shipbuilding and machinery, the Gyeongnam region had relatively lower support and interest for peripheral component industries. The Agency will enhance the competitiveness of those essential industries through various government systems." There are 554 companies across South Korea that are selected as representatives of essential technology. The Gyeongnam region is ranked third with 71 selected local companies.