Gimhae City Strengthens Foundation as Central City of the 'Southeast Bio Cluster'

Gimhae City Hall. [Image source=Gimhae City]

[Asia Economy Yeongnam Reporting Headquarters Reporter Lee Sang-hyun] Gimhae City, Gyeongnam Province, announced on the 4th that the "Next-Generation Regional New Deal & Bio Investment Fund," in which the city participated as an investor, has been selected in the Southeast region New Deal Venture Fund competition hosted by the Ministry of SMEs and Startups' Korea Fund of Funds.

This competition was held to select investment associations to participate in the Southeast region New Deal Venture Fund, which will raise 120 billion KRW from this year through 2024, with contributions from Gyeongnam Province, Ulsan City, Korea Venture Investment Corp., and Korea Water Resources Corporation.

With the selection of the Next-Generation Regional New Deal & Bio Investment Fund, it has attracted 14 billion KRW from the Fund of Funds. Additionally, including 6 billion KRW jointly invested by other local governments such as Changwon and Yangsan, as well as Daewoong Pharmaceutical, Hanwool Biopharma, Daehan Steel, and Gyeongnam Venture Investment, a total of 20 billion KRW will be invested in future strategic industries.

The fund plans to invest in promising leading companies located in Gimhae, Gyeongnam, Ulsan, and other areas, including bio venture companies, water industry, smart city, and companies related to the 4th Industrial Revolution.

The management company, Gyeongnam Venture Investment, will complete the formation of the investment association by May, including the general meeting of investors, agreement on regulations, and payment of investment funds, and will officially start in the second half of the year, operating for a total of eight years with a four-year investment period and a four-year recovery period.

A Gimhae City official said, "With the selection of this fund, we will be able to support promising leading companies with weak financial bases," adding, "Through this, we will create a venture startup ecosystem for future new industries, including the bio industry, which is a key industry promoted by Gimhae City."

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