Gyeongnam Province Creates Up to 200 Billion Won Fund as a Catalyst for 'Regional Balanced New Deal'

Ulsan City, Korea Water Resources Corporation, Korea Venture Investment
Sign Business Agreement to Establish 'Southeast Region New Deal Venture Fund'
Initial Private Institution Investment to Create Fund Worth 120 Billion Won

Gyeongsangnam-do, Ulsan City, Korea Water Resources Corporation, and Korea Venture Investment Corp. are signing a business agreement to establish the 'Southeast Region New Deal Venture Fund.'
[Image source=Changwon City]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gyeongsangnam-do is establishing a Southeast Region Venture Fund worth up to 200 billion KRW to promote regional balanced New Deal. This is the largest regional New Deal venture fund nationwide and also the largest fund invested by Gyeongsangnam-do.

The province announced on the 12th that it signed a "Southeast Region New Deal Venture Fund Establishment Business Agreement" together with Ulsan City, Korea Water Resources Corporation, and Korea Venture Investment Corp.

The signing ceremony was attended by Kang Seong-cheon, Vice Minister of the Ministry of SMEs and Startups, Ha Byeong-pil, Acting Governor of Gyeongsangnam-do, Jang Su-wan, Deputy Mayor of Ulsan City, Park Jae-hyun, President of Korea Water Resources Corporation, Lee Young-min, CEO of Korea Venture Investment Corp, and National Assembly members Kim Jeong-ho (Gimhae-si Eul, Gyeongnam) and Lee Kwang-jae (Wonju-si Gap, Gangwon).

This fund establishment is the third nationwide following Busan and the Chungcheong region, as part of the "Regional Innovation SME Development Plan to Promote Regional Balanced New Deal" announced by the Ministry of SMEs and Startups in November last year.

According to the agreement, participating institutions will create a mother fund and raise a sub-fund worth 120 billion KRW initially by attracting private institution investments, with plans to expand up to 200 billion KRW depending on investment trends and market conditions.

The established fund will focus investments on SMEs and venture companies located in Gyeongnam and Ulsan, regulatory free zone companies, and companies in the 4th Industrial Revolution sectors such as the water industry.

The province expects significant synergy effects in fostering eco-friendly shipbuilding, future mobility, and hydrogen industries, which are common industrial sectors for both sides, through joint investment with Ulsan.

Moreover, with the participation of Korea Water Resources Corporation, it is anticipated that fostering companies across all 4th Industrial Revolution fields such as autonomous driving, renewable energy, and smart cities related to the corporation’s "Smart Water City" project will gain momentum.

Acting Governor Ha said, "I hope the Southeast Region New Deal Venture Fund will be successfully operated to overcome the concentration in the metropolitan area and become a seed for balanced development in South Korea."

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