Investing in Promising Local Companies! ... Ulsan City Establishes 120 Billion Won 'Altoran' Regional New Deal Venture Fund

Operation structure of Ulsan City Regional New Deal Venture Fund.

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Seryeong] Ulsan City has announced aggressive support measures to promote the growth of promising local venture companies.

Ulsan City stated that it will sign a "Business Agreement for the Joint Establishment of the Southeast Region New Deal Venture Fund" at 4 p.m. on the 12th at the Gyeongnam Provincial Government Office.

The Regional New Deal Venture Fund is a parent fund promoted by the Ministry of SMEs and Startups as a "Regional Innovation SME Development Plan to Promote Regional Balanced New Deal."

Following Busan City in December 2020 and the Chungcheong region in March this year, this will be the third fund established.

Ulsan City, Gyeongsangnam-do, Korea Water Resources Corporation, and Korea Venture Investment Corporation will jointly invest approximately 84 billion KRW to establish the fund base.

The purpose is to secure safety by maximizing compensation for losses as well as expanding public institutions' contributions to the local community and operational profits.

Ulsan City plans to form a total of 120 billion KRW scale sub-funds by 2024 by adding private investments and invest in each company.

The investment targets are innovative companies located in Ulsan and Gyeongnam, regulatory free zone companies, and companies related to the 4th Industrial Revolution.

The sub-funds are expected to be formed through public offerings, about two each year from the following year until 2024.

Jang Su-wan, Deputy Mayor, said, "We will spare no interest and support for the successful operation of the Southeast Region New Deal Venture Fund and the sustainable growth of local innovative companies."

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