Hongcheon County Joins Gangwon Strategic Industry Venture Fund to Accelerate Leap as Future Advanced Industry Hub
Focusing on Bio-Health and Food Tech:
Hongcheon County Accelerates Future Growth Engines
Enhancing Global Competitiveness of Local Businesses
and Creating Youth Jobs
Hongcheon County in Gangwon Province (Governor Shin Youngjae) announced on the 24th that, following the launch of the "Gangwon Strategic Industry Venture Fund" by the Gangwon Special Self-Governing Province on the 23rd, it plans to participate in the Gangwon-type Strategic Industry Venture Fund, which will be established with a total value of 150 billion won, to accelerate the growth of local businesses and foster an innovative industrial ecosystem.
This "Gangwon Strategic Industry Venture Fund" is a joint initiative by Gangwon Special Self-Governing Province and seven cities and counties, including Hongcheon County. In February, it was selected for the "Local Era Venture Fund" program overseen by the Ministry of SMEs and Startups, securing 60 billion won in investment from the Korea Fund of Funds.
Additionally, with joint investments from NH Nonghyup Bank and Korea Venture Investment Corp., a parent fund totaling 105.6 billion won has been created. Based on this, sub-funds will be established sequentially, expanding the total scale to 150 billion won. The initiative aims to focus on nurturing seven major advanced industries: semiconductors, biotechnology, hydrogen, future mobility, food tech, defense, and climate tech.
Hongcheon County is one of six cities and counties designated as an "Opportunity Development Zone" last year. In July 2025, it signed a joint agreement with Wonju, Gangneung, Samcheok, Taebaek, and Hoengseong regarding the establishment of the Gangwon-type Strategic Industry Venture Fund.
The agreement includes provisions on role-sharing, contribution payments, project execution, and settlement-essential elements for fund management. Hongcheon County has demonstrated a strong commitment to active participation under this agreement.
In particular, Hongcheon County is participating with an investment of 2 billion won in this fund formation and has set a mandatory investment target of double that amount, making it possible for local companies to receive up to 4 billion won in funding.
Going forward, the county plans to expand strategic investments focusing on local specialized industries such as bio-health, food tech, and defense materials. Unlike traditional loans and subsidies, the venture fund's investment structure will provide comprehensive management capital, supporting the substantial growth of local businesses.
Shin Youngjae, Governor of Hongcheon County, stated, "This Gangwon-type Strategic Industry Venture Fund will serve as an important stepping stone for Hongcheon County to become a hub for future advanced industries," and added, "We will take the lead in creating youth jobs and revitalizing the regional economy by attracting local companies and expanding investment."
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Hongcheon County also plans to continue expanding the corporate investment ecosystem, promoting private investment, and fostering innovative companies in connection with Gangwon Special Self-Governing Province's strategic industries, thereby driving sustainable growth for the regional economy.
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