Suwon Mayor Lee Jae-jun: "Establishing a 100 Billion Won Fund Within the Year to Invest in Companies"

Suwon Mayor Lee Jae-jun is urging all departments to collaborate and do their best to attract businesses at the 'February Expanded Executive Meeting' held on the 2nd floor lobby of Gwanggyo Complex Sports Center on the 31st. Photo by Suwon City

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-jun, Mayor of Suwon, urged, "All departments of Suwon City and collaborative organizations should join forces and actively engage in attracting companies."

At the 'February Expanded Executive Meeting' held on the 2nd floor lobby of Gwanggyo Complex Sports Center on the 31st, Mayor Lee said, "Suwon City's financial independence and financial autonomy are continuously declining, and the economic growth rate reached minus 10.8% as of 2020," adding, "By attracting good companies to secure tax revenue and create quality jobs, we can revitalize the stagnant local economy."

The expanded executive meeting that day proceeded with a presentation by Jeong Moon-ho, Senior Research Fellow at Suwon City Policy Research Institute, on the theme of 'Concerns and Challenges for Attracting Companies,' followed by a general discussion.

Research Fellow Jeong Moon-ho pointed out, "Suwon is a good place to live, but it is not an ideal environment for operating companies," and noted, "Businesspeople say that Suwon lacks available sites."

He continued, "We need to attract anchor companies (leading companies) to Suwon and establish a strategy to focus on nurturing specific industries."

In response, Mayor Lee Jae-jun emphasized, "Let's prepare measures to supply sites desired by companies and ensure that the 'Suwon Enterprise Saebit Fund' operates well by having all departments and collaborative organizations work together," adding, "We must have flexible thinking and consider ways to attract companies."

Suwon City plans to establish the 'Suwon Enterprise Saebit Fund' worth 100 billion KRW, investing in core technology companies, small and venture businesses, and early-stage startups. The Suwon Enterprise Saebit Fund, expected to launch by the end of this year, consists of 10 billion KRW from Suwon City's investment fund (Small and Medium Business Promotion Fund), 60 billion KRW from the government-led Korea Fund of Funds, and 30 billion KRW from private capital.

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