Gyeongbuk Province Signs Business Agreement with 13 Financial Investment Companies... "Attracting Private Capital for Regional Development"

10 Asset Management Firms and 3 Securities Companies
"Discovering Regional Development Projects"

Gyeongbuk Province is forming an investment alliance involving 10 asset management companies and 3 securities firms to attract private capital, combining policy funds and finance to promote large-scale regional development projects needed in the area.

On the 21st, Gyeongbuk Province signed a business agreement for the ‘Establishment of a Financial Investment Network to Revitalize Private Investment in Gyeongsangbuk-do’ with 13 financial investment companies at the Kensington Hotel in Yeouido, Seoul.

Governor Lee Cheol-woo of Gyeongbuk Province and 13 representatives of financial investment companies are holding hands and posing for a commemorative photo after signing a business agreement.

The financial investment companies participating in the agreement include 10 asset management firms: Koramco Asset Management, Hana Alternative Investment Asset Management, MDM Asset Management, Pacific Investment Management, Kansas Asset Management, NH-Amundi Asset Management, Kiwoom Investment Asset Management, Cornerstone Asset Management, iM Asset Management, and ALD Asset Management; and 3 securities firms: BNK Investment & Securities, IBK Investment & Securities, and iM Securities.

Through this agreement, Gyeongbuk Province will discover regional development project businesses and provide administrative and financial support to secure the public nature and profitability of the projects. The financial investment companies will engage in creating a financial investment ecosystem by consulting on regional development projects, designing funds, recruiting investors, and supporting the establishment of special purpose companies (SPCs).

Additionally, the Financial Investment Network Council will be convened regularly to expand cooperative relationships, and consortia will be formed for each private investment project to strengthen business competitiveness.

The participants expect that this business agreement will strengthen mutual cooperation among institutions to discover regional development projects and connect investments, facilitating smoother opportunities for investment in the Gyeongbuk region using policy funds, information exchange, and financial investment support.

Park Hyung-seok, CEO of Koramco Asset Management, stated, “Gyeongbuk Province is a region rich in resources and potential. I believe that the investments made through this business agreement will be an important step toward both the economic development of Gyeongsangbuk-do and the growth of our financial investment firms.” He added, “We hope that innovative projects in Gyeongbuk Province will further develop, fostering coexistence between local communities and businesses. We will do our best to contribute to revitalizing the regional economy and creating new opportunities through close cooperation.”

Jung Hae-seong, CEO of Hana Alternative Investment Asset Management, said, “Through this business agreement, we expect to establish an organic cooperative relationship with local governments and the private sector for regional development. We will fully leverage our financial investment capabilities to discover projects that contribute to regional development.”

Lee Cheol-woo, Governor of Gyeongbuk Province, emphasized, “For local areas to develop, people and money must gather and jobs must be created, and finance plays a very important role in this. Taking this business agreement as an opportunity, we will closely communicate and cooperate with financial companies equipped with capital and investment capabilities to jointly discover and commercialize large-scale regional development projects that are essential and profitable for the region.”

Meanwhile, in March, Gyeongbuk Province launched the ‘Gumi National Industrial Complex Workers’ Rental Housing Construction’ project as the nation’s first regional revitalization investment fund project. It is also preparing various and creative project businesses in the fields of culture and tourism, agriculture, and energy, which are key to added value and job creation in the era of the Fourth Industrial Revolution.

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