4 Cities and Provinces in Chungcheong Region Establish 100 Billion KRW-Scale 'Regional New Deal Venture Fund'

(From left) Jae-Hyun Park, President of Korea Water Resources Corporation, Tae-Jeong Heo, Mayor of Daejeon, Chun-Hee Lee, Mayor of Sejong, Si-Jong Lee, Governor of Chungbuk Province, Seung-Jo Yang, Governor of Chungnam Province, and Young-Min Lee, CEO of Korea Venture Investment, are posing for a commemorative photo after signing an agreement to establish the 'Regional New Deal Venture Fund.' Provided by Chungnam Province

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Four cities and provinces in the Chungcheong region are establishing a regional New Deal venture fund worth over 100 billion KRW.

According to Daejeon City on the 30th, the day before, the four cities and provinces of Daejeon, Sejong, Chungnam, and Chungbuk signed a business agreement with Korea Water Resources Corporation and Korea Venture Investment to "establish the Chungcheong Regional New Deal Venture Fund and revitalize venture investment."

The Chungcheong Regional New Deal Venture Fund will be jointly funded by the Ministry of SMEs and Startups, public institutions, and local governments.

The fund size is expected to be around 130 billion KRW, including 45 billion KRW from the mother fund (national budget), 30 billion KRW from public institutions, 15 billion KRW from local government contributions, plus private capital.

The main investment targets are small and venture companies and innovative companies located in the Chungcheong region, companies related to regulatory free zones, and water industry companies.

The four cities and provinces in the Chungcheong region expect that by jointly establishing the "Regional New Deal Venture Fund" with major local public institutions, local governments, and the mother fund, they can lay the foundation for forming a self-sustaining regional innovative enterprise ecosystem by investing in promising small and venture companies and innovative companies within the region.

Heo Tae-jeong, mayor of Daejeon, said, "The Regional New Deal Venture Fund will serve as a foothold for the Chungcheong region to establish itself as a hub for metropolitan new industries comparable to the Seoul metropolitan area and to activate investment in local startups and venture companies." He added, "Through this, we hope that the four cities and provinces of Chungcheong can lay the groundwork for integration into a metropolitan living economic zone."

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