Industrial Bank of Korea and Korea Institute for Advancement of Technology Establish 25 Billion KRW Regional Industry Vitalization Fund
Formation of a 25 Billion KRW Regional Investment Fund... Expected Spread of Innovative Growth Culture in Local Economies
Investment Incentives Provided to Daegu and Gyeongbuk, Major COVID-19 Impact Areas
[Asia Economy Reporter Jo Gang-wook] The Korea Development Bank announced on the 29th that it will create a regional investment fund worth 25 billion KRW in collaboration with the Korea Institute for Advancement of Technology to invest in technology commercialization companies located in regional areas.
According to the regional industry revitalization fund entrusted management company selection plan jointly announced by the Korea Development Bank and the Korea Institute for Advancement of Technology on the same day, the policy investment scale is up to 19.5 billion KRW, including 7.5 billion KRW from the Korea Development Bank and 8 billion KRW from the Korea Institute for Advancement of Technology.
This fund plans to invest more than 60% in small, medium, and venture technology commercialization companies located outside the metropolitan area. In particular, incentives have been provided to invest more than 20% of the fund amount in the Daegu and Gyeongbuk regions, which were majorly affected by COVID-19.
This investment project is the second regional fund investment project promoted after the Korea Development Bank successfully established the Dalbit Fund last year in cooperation with Daegu City and Gwangju City. While the Dalbit Fund focused investments on companies located in Daegu and Gwangju, this fund is characterized by expanding the investment target to technology commercialization companies nationwide excluding the metropolitan area.
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A Korea Development Bank official said, "Through this fund, we expect that by effectively supplying venture capital to regional technology innovation companies, the culture of innovative growth will spread to the regional economy."
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