Daejeon City Accelerates Establishment of Daejeon Investment Agency and Corporate Finance Central Bank

[Asia Economy (Daejeon) Reporter Jeong Il-woong] Daejeon City is accelerating the establishment of the Daejeon Investment Agency and a corporate finance-centered bank. The approach is to secure justification through expert forums and service projects, and to gain momentum for the sequential establishment of the corporate finance-centered bank following the Daejeon Investment Agency.

On the 13th, the city announced that it held a forum the previous day to gather on-site and expert opinions regarding the establishment of the Daejeon Investment Agency and the corporate finance-centered bank.

The forum was held in a format where the city conducted a briefing on the establishment of the Daejeon Investment Agency and the corporate finance-centered bank, followed by discussions among on-site stakeholders and experts about the current status of venture investment, field difficulties, startup revitalization, and venture investment measures.

At the forum, the city stated, “Venture companies face limitations in receiving investment and growing within the current financial market system due to high risks and other factors,” and emphasized the necessity of establishing a specialized venture investment financial institution headquartered in Daejeon to support the growth of innovative venture companies, appealing for the establishment of the Daejeon Investment Agency and the corporate finance-centered bank.

Additionally, the city presented a strategy to conduct a specialized service project in the first half of this year to concretize the promotion strategy and roadmap, prioritize the establishment of the Daejeon Investment Agency, and secure driving force for the establishment of the corporate finance-centered bank.

Earlier, on the 3rd, the city signed a service contract with the Daejeon Sejong Institute and Venture Capital Town for the “Feasibility and Establishment Plan of the Daejeon Investment Agency,” and plans to hold a project kickoff meeting on the 18th.

The service project will propose the establishment form, governance structure, operation method, investment direction, and risk management techniques of the Daejeon Investment Agency, and analyze the economic feasibility of operating the agency.

Once the service project is completed, the city will proceed with the feasibility verification process through the Local Investment Project Management Center (LIMAC) of the Korea Institute of Public Administration.

Participants of the forum also pledged to support the city’s establishment of the Daejeon Investment Agency and the corporate finance-centered bank. They reached a consensus on the importance of creating a virtuous cycle investment ecosystem according to the growth stages of venture companies and committed to continuously conveying field voices to help build an innovative venture investment system in the region.

Lee Seok-bong, Deputy Mayor for Economy and Science, said, “Daejeon is currently promoting the development of a 5 million-pyeong industrial complex and nurturing biohealth, defense, nano-semiconductors, and aerospace industries as four core strategic industries,” adding, “The Daejeon Investment Agency and the corporate finance-centered bank will serve as a solid foundation for the city’s future strategic industry development plans.”

He also added, “The city plans to concentrate administrative efforts to ensure the swift establishment of the Daejeon Investment Agency and the corporate finance-centered bank.”

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