Kim Wan-seop, 2nd Vice Minister of the Ministry of Economy and Finance, "Gathering People and Jobs in Non-Capital Regions through Regional Revitalization Fund"
Inspection of the Gimcheon and Mungyeong Visit Project
Gyeongbuk Province announced on the 9th that it will actively promote the relocation of private economic activities centered in the metropolitan area to local regions through more proactive attraction of private capital.
In particular, as the government has formalized the ‘Regional Revitalization Investment Fund’ to attract private investment and revitalize the regional economy, Gyeongbuk plans to create leading cases and pioneer new methods of private capital investment.
The Regional Revitalization Investment Fund is a fund designed to attract private investment to non-metropolitan areas to stimulate the regional economy.
To encourage investment, the government and policy financial institutions will contribute to a parent fund to serve as a catalyst for private investment in non-metropolitan areas. Gyeongbuk Province aims to create early success stories for the Regional Revitalization Fund, scheduled to launch in January next year.
On the 7th, Kim Wan-seop, the 2nd Vice Minister of the Ministry of Economy and Finance, personally visited Gimcheon to check the progress of candidate projects for the Regional Revitalization Fund planned by Gyeongbuk, including Gimcheon’s ‘Metropolitan Smart Agricultural Products Distribution and Logistics Center’ and Mungyeong’s ‘Gyeongbuk Stay’ project, and also conducted consulting with investment experts from the Korea Development Bank and others.
Presiding over the on-site meeting, Vice Minister Kim emphasized, “The Regional Revitalization Investment Fund has no restrictions on investment targets and does not require preliminary feasibility studies, enabling rapid project implementation,” adding, “It will enable substantial investments that bring jobs and people to non-metropolitan areas.”
Although there have been various attempts to attract investment, many cases have failed or scaled down due to lack of business viability and difficulties in financing.
In contrast, with the establishment of the Regional Revitalization Fund, the fund will reduce the risks of private companies investing in non-metropolitan areas, thereby increasing both the probability and scale of investment. However, planning projects attractive enough to appeal to the private sector remains a task for each local government.
At the meeting, Kim Hak-hong, Deputy Governor of Gyeongbuk Province, along with Kim Chung-seop, Mayor of Gimcheon, and Shin Hyun-guk, Mayor of Mungyeong, attended in person to express strong commitment to project promotion.
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Deputy Governor Kim Hak-hong stated, “Since the Regional Revitalization Investment Fund is a new government-introduced financial support method, the ability to plan projects attractive to the private sector is crucial,” adding, “As the Governor has emphasized attracting private capital, we will use this opportunity to strengthen the connectivity with previously promoted policy projects and expand their outcomes.”
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