Jeonnam Gwangju City forms KRW 131.3 billion growth fund... Focused investment in local businesses
Jeonnam-Gwangju Unified Special City forms a regional growth fund worth 131.3 billion won
Quick Look
- Jeonnam Gwangju Unified City formed a regional growth fund worth 131.3 billion won and opened a startup festival at Suncheon National University.
- We invest in future growth industries such as AI and semiconductors, and 700 companies participate to operate investment agreements and open innovation booths.
AI-generated summary
Why It Matters
Jeonnam Gwangju Unified City created a regional growth fund by securing investment from a government-funded fund through a public offering by the Ministry of SMEs and Startups.
Suncheon Startup Festival opens... 700 companies, including start-ups, participated
(Suncheon = Yonhap News) Reporter Son Sang-won = Jeonnam Gwangju Unified Special City formed a regional growth fund worth 131.3 billion won to support start-ups.
The integrated city announced the formation of the fund by holding a celebration event at the opening ceremony of the Jeonnam Gwangju Startup Festival held at Suncheon National University on the 11th.
The fund was created by adding investments from local governments, companies, financial institutions, universities, etc. to the 75 billion won government-funded investment secured by the integrated city through public offering by the Ministry of SMEs and Startups.
The integrated city plans to invest approximately 100 billion won, exceeding the mandatory investment ratio (60%), in promising local companies and relocating companies over three years.
Major investment areas include future growth industries such as artificial intelligence (AI), semiconductors, next-generation mobility, new energy industries, offshore wind power, aerospace, and advanced biotechnology.
14 local startups, including Synergy and Pelemed, also signed agreements with investment companies to attract investments worth a total of 73.4 billion won.
The Startup Festival will continue until the 12th, with 700 companies, including start-ups and investment companies, participating.
Kakao Mobility, Hyosung, HD Hyundai Samho, Samsung Electronics C-Lab, KDB Next One, and IBK Changgong operate an 'Open Innovation' booth to consult on collaboration with start-ups and provide support programs.
What to Watch
AI outlook — possibilities, not facts
Investment in promising local and relocation companies worth approximately KRW 100 billion over 3 years
Very likely · Within months
Open Questions
- What is the specific investment schedule for individual companies?
- Are there any plans to attract additional private investment?
