Korea Institute for Advancement of Technology-KDB, 25 Billion KRW Regional Industry Vitalization Fund Established

"Incentives Provided in Daegu and Gyeongbuk"

Seok Young-cheol, President of the Korea Institute for Advancement of Technology (KIAT). (Photo by Korea Institute for Advancement of Technology)

[Asia Economy Reporter Moon Chaeseok] The Korea Institute for Advancement of Technology (KIAT) and the Korea Development Bank announced on the 28th that they will establish a Regional Industrial Vitalization Fund worth 25 billion KRW to support technology commercialization by companies outside the Seoul metropolitan area.

The policy funds invested in the fund amount to a total of 19.5 billion KRW, including 8 billion KRW from KIAT, 7.5 billion KRW from the Korea Development Bank, and 4 billion KRW from Growth Finance, with the remainder raised from private capital.

More than 60% of the fund's total amount will be invested in small and medium-sized enterprises (SMEs), mid-sized companies, and venture companies located outside the Seoul metropolitan area that are pursuing technology transfer or technology commercialization.

In particular, more than 20% of the fund will be invested in the Daegu and Gyeongbuk regions, which suffered significant damage from the novel coronavirus disease (COVID-19).

KIAT plans to select a fund manager in the first half of the year, complete the fund formation by the end of this year, and start full-scale investments.

KIAT and the Korea Development Bank stated, "Through this fund, we hope to effectively supply venture capital to regional technology innovation companies, thereby revitalizing the local economy and spreading technology commercialization."

This content was produced with the assistance of AI translation services.