Gyeongbuk Province Hosts Investment Briefing for Agro-Food 'No.1 Fund'... Discovering Young Farmers with 11 Billion Seed Money

Joint Investment by Ministry of Agriculture, Food and Rural Affairs (5 Billion KRW), Gyeongbuk Province (3 Billion KRW), and Private Sector (3 Billion KRW)

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongwook Park] Gyeongsangbuk-do has officially launched 'fund' investments to attract agrifood companies and support young people's venture startups.

On the 8th, Gyeongsangbuk-do held an investment briefing session and conducted individual consultations for city and county officials and agribusinesses to ensure the successful operation of the 'Cheer Up Gyeongbuk' Agrifood No. 1 Fund.

On this day, Isu Startup Investment Co., Ltd., the fund management company, received prior applications from companies in need of investment and conducted one-on-one consultations. The Agrifood No. 1 Fund, established with a total scale of 11 billion KRW, will operate for eight years until 2028. It will invest from 500 million KRW up to a maximum of 3 billion KRW targeting agribusinesses wishing to invest within the province and young farmers dreaming of startups.

The Agrifood No. 1 Fund allows investments based on ideas and growth potential without conditions such as qualifications or collateral, so Gyeongsangbuk-do expects many young people interested in startups to continue challenging themselves.

Isu Startup Investment Co., Ltd., selected as the fund operator, completed the fund establishment and investment association formation on the 9th of last month, preparing to support agribusinesses, and will begin full-scale discovery of investment targets starting with this briefing session.

The Agrifood No. 1 Fund, which is the second to be promoted nationwide after Gyeonggi-do among metropolitan local governments, was established this year with joint investments from the Ministry of Agriculture, Food and Rural Affairs (5 billion KRW), Gyeongsangbuk-do (3 billion KRW), and the private sector (3 billion KRW).

Gyeongsangbuk-do set a mandatory investment ratio requiring the fund to invest at least 60% of the raised amount in agribusinesses wishing to invest within the province. Additional incentives will be provided to the fund operator for investment performance exceeding 60% in the province to attract many local agribusinesses.

Kim Jong-su, Director of the Agriculture, Livestock and Distribution Bureau of Gyeongsangbuk-do, said, "Since the agrifood industry is more effective in creating employment and job inducement compared to other industries, active attraction of agribusinesses and support for startups are necessary to create rural jobs," adding, "We will continuously create favorable conditions for investment through the agrifood fund so that many companies and young people can come to rural areas."

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