Seoul City-Korea SMEs and Startups Agency to Provide 24 Billion KRW Support for Seoul Future Growth Sectors... Four Major Future Industries Selected

Seoul City and Jungjin Gong Sign MOU to Foster Promising Leading Companies in Future Growth Industries on the 31st
Selected 4 Major Seoul Future Growth Industries: Intelligent ICT, Digital Cultural Contents, Bio-Medical, Fashion and Smart Textiles

[Asia Economy Reporter Lim Cheol-young] The Seoul Metropolitan Government has selected ‘Seoul’s future growth sectors’ such as fintech, AI (artificial intelligence), and bio-medical industries in collaboration with the Small and Medium Business Corporation, and decided to provide 24 billion KRW in low-interest loans without collateral to promising companies for working capital.

On the 31st, Seoul City and the Small and Medium Business Corporation signed a ‘Business Agreement for Fostering Promising Leading Companies in Seoul’s Future Growth Industries’ and announced that they will actively discover promising leading companies in Seoul’s future growth industries and support their scale-up efforts in various ways.

The ‘Seoul Future Growth Industries’ selected by Seoul City and the Small and Medium Business Corporation consist of four sectors. These sectors, linked to Seoul’s strategic hubs such as Yeouido, Magok, and Hongneung, are expected to actively drive innovative growth: intelligent ICT (fintech, AI, etc.), digital cultural content (webtoons, games, animation, web dramas, etc.), bio-medical, and fashion & smart textiles.

This agreement focuses on ?supporting policy funds for fostering Seoul’s future growth industries ?discovering and recommending promising leading companies in Seoul’s future growth industries ?preparing support policies necessary for the growth of promising leading companies, including investment, export, specialized manpower, and infrastructure. In particular, the Small and Medium Business Corporation plans to establish 24 billion KRW in policy funds exclusively for promising leading companies in Seoul’s future growth industries and provide unsecured, low-interest loans for working capital only. The loan interest rate will be differentiated based on the base rate, company credit rating, and type of collateral, with a maximum support limit of up to 6 billion KRW per company.

Both organizations will actively utilize policy infrastructure and networks to promote successful collaboration so that companies with potential can leap to become the next unicorns.

Kim Ui-seung, Director of Economic Policy at Seoul City, said, “This agreement with the Small and Medium Business Corporation is an opportunity for promising leading companies with innovation and competitiveness to grow, and it will be a driving force to revitalize the startup ecosystem centered on Seoul’s strategic hubs and enhance potential. We will continue to lead cooperation with various institutions to systematize specialized support that companies need so that globally recognized companies can be born in Seoul.”

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