DAEJEON < invest Korea

According to Newsis,

Daejeon City will establish Daejeon Investment Agency(tentative name), a public complex financial institution that includes corporate investment funds and low-interest loans.

Lee Jang-woo, Mayor of Daejeon, said on the 10th, "We will establish Daejeon Investment Agency and make it as regioanl corporate finance central bank."

The Agency will be a new technology finance company (stock company under the Commercial Act) under the Credit Finance Specialized Business Act. A new technology finance company is a financial company that invests or provides loans to small and medium-sized enterprises (SMEs) that have commercialized new technologies.

The city plans to secure an establishment capital of about KRW 70 billion by 2023, the time the Daejeon Investment Agency opens, and the capital will consist of KRW 50 billion of public funds and additionally procuring private funds such as local medium-sized enterprises, economic groups, and financial institutions.

The city plans to increase the size of the public fund to more than KRW 500 billion in the future and invest at least 60% of the formed amount in companies in the four strategic industries:nanosemiconductor, bio, space, and defense. After preparing a detailed establishment plan this month, the registration in the Financial Services Commission and establishment will be completed in the first half of next year. Mayor Lee Jang-woo said, "To make Daejeon as a top-class economic city, we will supply large-scale industrial land of more than 16.5 million square meters and create banks for corporate finance.".

joemedia@newsis.com

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Source: Newsis (August, 10, 2022)

** This article was translated from the Korean.