Establishment of a 100 Billion KRW 'Busan Regional New Deal Venture Fund'
Investment in Promising Small and Venture Companies in Busan Region and Regulatory Free Zone Enterprises
[Asia Economy Reporter Kim Jong-hwa] A 100 billion KRW-scale 'Regional New Deal Venture Fund,' focusing on investment in promising local small and venture companies, will be established for the first time in Busan.
The Ministry of SMEs and Startups announced on the 11th that it signed a business agreement at the Busan International Finance Center with Korea Venture Investment Corp., Korea Technology Finance Corporation, and Busan City to create the 'Busan Regional New Deal Venture Fund' aimed at promoting regional balanced New Deal and fostering innovative companies in the Busan area.
According to the 'Regional Innovation SME Development Strategy to Promote Regional Balanced New Deal' announced on the 26th of last month, the Ministry decided to establish the first 'Busan Regional New Deal Venture Fund' in Busan and, after consultations with related organizations, signed the business agreement this time.
The main contents of the business agreement include ▲activation of investment in small and venture companies in the Busan area, ▲joint establishment of the Busan 'Regional New Deal Venture Fund' focusing on investment in small and venture companies in Busan, ▲expansion of opportunities for meetings between small and venture companies and investors in Busan, and ▲expansion of technology guarantees and loans for small and venture companies in Busan.
The 'Busan Regional New Deal Venture Fund' will be created by forming a mother fund in Busan with the participation of the Korea Fund of Funds, Korea Technology Finance Corporation, and Busan City. The mother fund will establish sub-funds worth around 100 billion KRW to invest in regional innovative companies. It will focus on investing in innovative companies located in Busan, companies related to regulatory free zones such as blockchain and eco-friendly future energy, and key local industries.
The 'Regional New Deal Venture Fund' will be piloted in Busan and will be expanded regionally in the future, focusing on regulatory free zones nationwide, to invest in regional innovative companies, companies within regulatory free zones, and promising small and venture companies in key industrial sectors.
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Park Young-sun, Minister of SMEs and Startups, emphasized, "The Busan Regional New Deal Venture Fund will be a source of funding for the success of the 'Regional Balanced New Deal' and for fostering innovative leading companies in Busan," adding, "It will play a leading role in activating investment in the Busan area and in the growth of innovative and venture companies."
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