Taebaek City Joins Gangwon Strategic Industry Venture Fund... Accelerating Development of Clean Methanol Industry

Taebaek City in Gangwon Province (Mayor Lee Sangho) announced on the 24th that it participated in the launch ceremony of the Gangwon Strategic Industry Venture Fund, held at the Chuncheon Sky Convention on the 23rd, and is taking steps to foster future industries such as clean methanol and revitalize the local economy.

Taebaek City Hall. Provided by Taebaek City

This event was organized as Gangwon Special Self-Governing Province established its largest-ever venture fund to address investment blind spots for local companies and support venture and startup companies with global growth potential. The event was attended by Lee Sangho, Mayor of Taebaek, Kim Jin-tae, Governor of Gangwon Province, Lim Jungwook, Director General for Startup and Venture Innovation at the Ministry of SMEs and Startups, and others.

The Gangwon Strategic Industry Venture Fund has been selected as a project by the Ministry of SMEs and Startups and will be established with a total of 150 billion won by 2027, based on a 100 billion won parent fund, and operated until 2037. Taebaek City plans to contribute a total of 3 billion won, including 1 billion won this year, to actively support future energy industries such as clean methanol and the resource utilization of feldspar.

This fund is separate from the 354 billion won clean methanol manufacturing industry project (development of the Jangseong Mining Site), which passed the preliminary feasibility study in August. It will also be used to support venture companies related to clean methanol, creating an opportunity for multiple companies to establish themselves in Taebaek, beyond a single site project.

Just as the city grew in the past with the operation of 47 coal mines, it is expected that, going forward, the influx of companies related to clean methanol will expand the industrial ecosystem, create jobs, and increase the residential population.

An official from Taebaek City stated, "This fund is a strategic investment for the future of Taebaek. By focusing on future energy industries such as clean methanol, we will secure new growth engines and transform into a vibrant city."

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