Kang Kijung: "Establishing a 30 Trillion Won Major Corporate Investment Fund with 3 Trillion Won in Seed Money"

Announcement of Utilization Plan for Jeonnam-Gwangju Integrated Special City Financial Support Fund on March 9

Investment in Future Industries such as Semiconductors and AI

Goal: Creating Youth Employment Opportunities

Proposal to Allocate 7 Trillion Won for Small Business and Traditional Industry Support

Gwangju Mayor Ki-jung Kang has unveiled a plan to create a major corporate investment fund using government financial support allocated to the Jeonnam-Gwangju integrated special city. The strategy is to use 3 trillion won as seed money to raise a 30 trillion won investment pool, with the goal of attracting large corporations and innovative companies, promoting youth employment, and advancing regional industries.

During a briefing on the utilization plan for the government financial support fund for the Jeonnam-Gwangju Integrated Special City, held at the Gwangju City Hall briefing room on the morning of March 9, Mayor Kang stated, "Using 3 trillion won as growth seed money, we will establish a major corporate investment fund with a scale of 30 trillion won."

Gwangju Mayor Kim Ki-jung is giving a briefing on the utilization plan for government financial support for the Jeonnam-Gwangju integrated special city at Gwangju City Hall on the morning of the 9th. Photo by Song Bohyun

He explained, "This is a measure to attract major corporations and innovative companies to create quality jobs for young people," adding, "It will serve as a sustainable foundation for encouraging corporate investment and generating jobs."

According to Mayor Kang, the "major corporate investment fund" will directly invest in attracting global companies in sectors such as semiconductors, artificial intelligence (AI), and energy, as well as in high-value-added rural, industrial, and fishing village infrastructure like smart farms and integrated tourism towns. The plan is to increase the number of listed companies and further advance regional industries through this initiative.

The fund will be operated in a way that brings in private capital alongside government resources as seed money, and a "Major Corporate Investment Corporation" will be established and managed pursuant to special legislation.

Mayor Kang said, "For investing companies, we will significantly open opportunities for reinvestment linked to their performance," adding, "A portion of the profits generated will be returned to the region as mandatory dividends for regional development, establishing a virtuous cycle of reinvestment in the local community."

He continued, "We will develop and transform our regional industrial and rural complexes into RE100-certified complexes, and create the capacity to make bold investments in future-leading industries such as AI mobility, semiconductors, and healthcare."

Mayor Kang also presented a plan to allocate 7 trillion won from the integrated special city's financial support fund to strengthen the competitiveness of traditional industries and small business owners. This includes expanding the issuance of local currency, providing special guarantee support for small businesses, supporting the steel and chemical materials industries in the eastern region, the shipbuilding and agricultural/fishery processing industries in the western region, and supporting Gwangju’s core automotive and home appliance industries.

Gwangju City previously established a startup and innovation fund totaling approximately 698.6 billion won, securing a mandatory investment quota of 93 billion won for Gwangju and investing 48.6 billion won in 69 local startups.

Meanwhile, during the Q&A session, Mayor Kang also expressed concerns regarding the schedule for the Democratic Party's Jeonnam-Gwangju integrated local government head primary.

Mayor Kang stated, "Gwangju and Jeonnam are in the process of launching a new special city through administrative integration," adding, "I have conveyed to the party that it would not be appropriate to rush the local elections to coincide with the schedule for the parliamentary by-elections."

He further explained, "As the integrated special city is a new local government entity, we need an election process for the special mayor that transforms this into a celebratory event," adding, "Yesterday, along with the other candidates, I raised concerns that the schedule is overly compressed."

Mayor Kang also announced, "At the start of the main primary following the preliminary primary, I plan to suspend my duties as mayor upon registering as a preliminary candidate and participate in the election."

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