GWANGJU < invest Korea

According to Yonhap News,

Gwangju city implements 3 strategies on investment, infrastructure, and talent in order to establish itself as 'The City of Venture Success'.

The city held a 'briefing session on Gwangju's plan to become the city of venture success' at the Gwangu railway station on May 31 to reveal its blueprint to the Gwangju citizens.

It speeds up its efforts to create a venture fund that amounts to KRW 500 billion to attract investment. In detail, it will provide KRW 325.9 billion to startups in AI and cultural industries while creating KRW 200 billion worth of 'Venture Ladder Fund' that gives support to every stage of venture business.

A startup valley will be established near the Gwangju railway station, which has been neglected after a KTX station was separately built, and it will be connected with existing institutes, such as AI venture, I-PLEX, and GCC.

It will also invest KRW 3.9 billion to build test beds across the city to ensure that anyone can float ideas and materialize them.

Gwangju is also working on nurturing talent by building AI playgrounds for kids and introducing AI-based curricula to elite high schools, convergence universities and graduate schools.

Gwangju Mayor Kang Ki-jeong said, "Venture business is the future of our city as well as the beginning of our journey to a better future." and "What's required to become a city of venture success is to secure high competitiveness of local corporations and, at the same time, make Gwanju as an attractive city for business angels, startups, and VCs."

sangwon700@yna.co.kr

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Source: Yonhap News (May 31, 2023)

*This article was translated from Korean.