150 Trillion Won National Growth Fund to Support Cultural Content Industry

Lee Eog-weon, Chairman of the Financial Services Commission (fourth from the left), is taking a commemorative photo with Park Sangjin, Chairman of the Korea Development Bank, and the chairmen of the five major financial holding companies at the National Growth Fund Secretariat plaque ceremony held on the 17th at the Korea Development Bank in Yeouido, Seoul. Photo by Yonhap News

The cultural content industry and key mineral supply companies will also be included as beneficiaries of the National Growth Fund, which is being established at a scale of 150 trillion won.

The Financial Services Commission announced on November 18 that a partial amendment to the Enforcement Decree of the Korea Development Bank Act, which stipulates the eligibility criteria for the Advanced Strategic Industry Fund (the core financial resource for the National Growth Fund), was approved at a Cabinet meeting.

Previously, the government announced that it would establish the National Growth Fund with a total of 150 trillion won, combining 75 trillion won from the Advanced Strategic Industry Fund and another 75 trillion won from private finance, pension funds, the public, and industry.

This amendment newly includes the cultural content industry and key mineral supply companies, in addition to the existing ten supported industries such as semiconductors and artificial intelligence (AI).

The Financial Services Commission emphasized, "The National Growth Fund can now support not only outstanding content such as films and performances, but also infrastructure for the cultural content industry, such as K-pop performance venues. In addition, key minerals, which are of great significance as raw materials for future advanced strategic industries, have been newly added as eligible for support."

The amendment also includes regulations on the composition of the Fund Management Deliberation Committee, a statutory body that determines the fund's basic policies and directions for financial support. The committee will consist of up to nine experts from the fields of finance, economics, and industry.

The amendment approved on this day will take effect on December 10, together with other related laws. The Financial Services Commission explained that 1 trillion won from the Advanced Strategic Industry Fund has been reflected in next year’s budget proposal, and that it is also seeking National Assembly approval for a government guarantee for Advanced Strategic Industry Fund bonds (15 trillion won next year) to secure funding for the fund.

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