Yeongju City and SK Materials Carry Out 'Economic Project' with 5 Billion KRW Donation

‘Into Yeongju Economy’ 10 Billion KRW Social Contribution Project

Impact Square, Model Case of Regional and Corporate Win-Win Development

Yeongju City, Gyeongbuk Province, signed a business agreement on the 23rd with Gyeongsangbuk-do, SK Materials, and Impact Square to cooperate on the 'Into Yeongju Economy' project. (From left: Ha Daesung, Deputy Governor for Economy; Lee Gyuwon, CEO of SK Materials; Do Hyunmyung, CEO of Impact Square; Jang Wookhyun, Mayor)

[Asia Economy Yeongnam Reporting Headquarters, Trainee Reporter Lee Seryeong] Yeongju City, Gyeongsangbuk-do, signed a business agreement on the 23rd with Gyeongsangbuk-do Province, SK Materials, and Impact Square for cooperation on the 10 billion KRW scale ‘Into Yeongju Economy’ project.

‘Into Yeongju Economy’ is a community contribution project by SK Materials, a company producing special gases for semiconductors and displays, designed to create an environment suitable for youth and entrepreneurs and to discover a local startup model where the region grows together.

The project is conducted by Impact Square, an officially certified startup accelerator by the Ministry of SMEs and Startups, and based on SK Materials’ donation of 5 billion KRW, it will attract linked investments, including 5 billion KRW of external funds, totaling 10 billion KRW.

Through this agreement, Gyeongsangbuk-do Province and Yeongju City plan to prepare institutional support measures and linkage plans with related organizations to help establish and grow social ventures.

SK Materials and Impact Square plan to operate systematic programs to strengthen the capabilities of participating companies and expand the business scale through continuous external investment attraction.

The project includes discovering and nurturing social venture companies, conducting programs, education to expand the startup ecosystem, creating social venture work and exchange spaces, and establishing and operating an impact fund.

The project targets social venture companies with business models linking local resources, providing settlement support funds and office spaces after recruitment and selection.

Various consulting and mentoring will be provided according to growth stages, along with education programs such as fostering prospective entrepreneurs and forming startup communities.

The city expects this project to become another opportunity for regional and corporate co-growth and to establish itself as a model case of mutual development.

Mayor Jang Wook-hyun said, “I hope SK Materials, a local company, will take the lead with Yeongju City in addressing issues such as the decline of the local youth population and the aging of the old downtown area.”

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