First Formation of 'Susan Venture Startup Fund'... Total Scale of 30 Billion KRW

Focused Investment in Fisheries Venture Companies and New Technology Utilization Companies

[Sejong=Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 29th that a fisheries venture startup fund worth a total of 30 billion KRW has been established and will begin full-scale investment. The 'BNK Fisheries Investment Association No.1' and 'Gaia Venture Startup Investment Association No.1,' which have completed registration as agricultural, forestry, and fisheries food investment associations, are the first venture startup funds established in the fisheries sector.

The Ministry of Oceans and Fisheries has been operating the fisheries mother fund since 2010. The purpose is to foster fisheries companies through public-private joint investment, moving away from government-dependent subsidies such as loans and grants. Until last year, 11 fisheries funds were formed through joint investment by the government’s fisheries mother fund and private investors, totaling 182 billion KRW. Through this, a total of 87.2 billion KRW was invested in fisheries companies by June 2020.

The fisheries venture startup fund, established for the first time this year, is a fund specialized in discovering and nurturing new companies in the fisheries sector and activating startups. Unlike the fisheries general fund, which targets all companies in the fisheries sector, the fisheries venture startup fund targets early-stage startups and companies utilizing new technologies. Through the newly established fisheries venture startup fund, investment and recovery in promising fisheries companies will be conducted over approximately the next eight years.

Companies wishing to attract investment from fisheries funds, including the fisheries venture startup fund, can refer to the fisheries fund operation status posted on the website of the Korea Agricultural Policy Insurance and Finance Service and directly inquire about investment or apply for investment attraction consulting support projects through the website. In particular, the investment attraction consulting support project helps strengthen investment attraction capabilities by supporting the advancement of business plans and provides opportunities to hold business briefings for fund managers.

Lee Kyung-gyu, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "For the fisheries industry to leap forward as a future growth industry, discovering growth engines through nurturing early-stage companies is important, so we expect the fisheries venture startup fund to play a significant role in the growth of the fisheries industry." He added, "We will operate the fisheries venture startup fund smoothly so that promising fisheries companies can have more investment opportunities in the future."

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