Venture Fund of 800 Billion Won Established... Ministry of SMEs and Startups and Others Invest in Mother Fund

Smart Daehanminguk Fund

Source=Ministry of SMEs and Startups

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 13th that it plans to establish a venture fund worth approximately 800 billion KRW in collaboration with government ministries and other entities.

This venture fund establishment involves the Ministry of SMEs and Startups, the Ministry of Health and Welfare, the Ministry of Land, Infrastructure and Transport, the Korean Intellectual Property Office, and Korea Venture Investment Corp. contributing a total of 365.5 billion KRW to the mother fund through a public announcement. Through this, a venture fund worth about 800 billion KRW will be created.

First, the Smart Korea Fund worth 610 billion KRW will be established. The Smart Korea Fund was planned with the goal of raising over 1 trillion KRW by the government contributing a total of 438 billion KRW this year and attracting private funds worth 600 billion KRW. A fund worth 580 billion KRW, which has already been set up to invest in non-face-to-face, bio, and green new deal sectors, is currently being established. This time, a 610 billion KRW fund will be selected.

A Regulatory Free Zone Fund, focusing on investing in innovative companies within regulatory free zones and non-capital region local companies, will also be established with a scale of 42 billion KRW. Through the Ministry of Land, Infrastructure and Transport, a shared housing fund jointly contributed by public and private sectors will be newly established with a scale of 25 billion KRW.

Additionally, the Korean Intellectual Property Office will establish an Intellectual Property (IP) Direct Investment Fund worth 41 billion KRW and a Patent Technology Commercialization Fund worth 35 billion KRW. The Materials, Parts, and Equipment Fund, which was established with 50 billion KRW in the first half of this year, will be additionally established with 46 billion KRW.

Lee Young-min, CEO of Korea Venture Investment Corp., said, "There are many favorable factors in the second half of this year that can be expected to recover venture investment," adding, "The 2.5 trillion KRW scale venture fund selected by the mother fund in the first half will also be completed in the second half and will begin full-scale investment."

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