News & Event
- Home
- News
- News & Event
Hongcheon to foster bio, health, and foodtech sectors, with joining Gangwon-type strategic industry fund
Hongcheon-gun in Gangwon State is taking active steps toward fostering local business growth and creating an industrial innovation ecosystem, focusing on bio, foodtech, and health sectors.
To this end, Hongcheon-gun recently announced its participation in the Gangwon-type Strategic Industry Venture Fund, which is set to be established with a scale of KRW 150 billion.
This venture fund is being jointly set up by the Gangwon State and seven local governments within the province, with the fund’s establishment officially announced September 23.
Earlier, in February, the Ministry of SMEs and Startups selected this initiative as part of the 'Local Era Venture Fund' contest, securing a KRW 60 billion investment from the Korea Fund of Fund.
In addition, NH Nonghyup Bank and Korea Venture Investment Corporation are jointly contributing to the fund, which has been established with a total size of KRW 105.6 billion.
Building on this, the fund will be developed incrementally to expand to a total of KRW 150 billion, focusing on nurturing seven major high-tech industries: semiconductors, bio, hydrogen, future mobility, foodtech, defense industries, and climate tech.
Hongcheon is one of the six cities and counties designated as "Opportunity Development Zones" last year.
In July 2024, Hongcheon, along with Wonju, Gangneung, Samcheok, Taebaek, and Hoengseong, signed a joint agreement for the establishment of the Gangwon-type Strategic Industry Venture Fund.
The agreement includes provisions for role allocation, fund contributions, project management, and settlement, among other necessary elements for fund operation.
Specifically, Hongcheon-gun is participating with an investment of KRW 2 billion, setting a mandatory twofold investment amount, meaning local companies are expected to receive a total of KRW 4 billion in investments.
The county plans to expand strategic investments, focusing on local specialized industries such as bio, health, foodtech, and defense industry materials.
Unlike traditional loans and grants, the venture fund’s investment structure allows for more comprehensive management funds, offering real support for the practical growth of local businesses.
Hongcheon's Governor said, "This Gangwon-type Strategic Industry Venture Fund will serve as an important stepping stone for Hongcheon to become a hub for future high-tech industries. Through attracting local companies and expanding investment, we will take the lead in creating youth jobs and revitalizing the local economy."
hak@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2025.10.17
Views
56
According to Yonhap News,
Hongcheon-gun in Gangwon State is taking active steps toward fostering local business growth and creating an industrial innovation ecosystem, focusing on bio, foodtech, and health sectors.
To this end, Hongcheon-gun recently announced its participation in the Gangwon-type Strategic Industry Venture Fund, which is set to be established with a scale of KRW 150 billion.
This venture fund is being jointly set up by the Gangwon State and seven local governments within the province, with the fund’s establishment officially announced September 23.
Earlier, in February, the Ministry of SMEs and Startups selected this initiative as part of the 'Local Era Venture Fund' contest, securing a KRW 60 billion investment from the Korea Fund of Fund.
In addition, NH Nonghyup Bank and Korea Venture Investment Corporation are jointly contributing to the fund, which has been established with a total size of KRW 105.6 billion.
Building on this, the fund will be developed incrementally to expand to a total of KRW 150 billion, focusing on nurturing seven major high-tech industries: semiconductors, bio, hydrogen, future mobility, foodtech, defense industries, and climate tech.
Hongcheon is one of the six cities and counties designated as "Opportunity Development Zones" last year.
In July 2024, Hongcheon, along with Wonju, Gangneung, Samcheok, Taebaek, and Hoengseong, signed a joint agreement for the establishment of the Gangwon-type Strategic Industry Venture Fund.
The agreement includes provisions for role allocation, fund contributions, project management, and settlement, among other necessary elements for fund operation.
Specifically, Hongcheon-gun is participating with an investment of KRW 2 billion, setting a mandatory twofold investment amount, meaning local companies are expected to receive a total of KRW 4 billion in investments.
The county plans to expand strategic investments, focusing on local specialized industries such as bio, health, foodtech, and defense industry materials.
Unlike traditional loans and grants, the venture fund’s investment structure allows for more comprehensive management funds, offering real support for the practical growth of local businesses.
Hongcheon's Governor said, "This Gangwon-type Strategic Industry Venture Fund will serve as an important stepping stone for Hongcheon to become a hub for future high-tech industries. Through attracting local companies and expanding investment, we will take the lead in creating youth jobs and revitalizing the local economy."
hak@yna.co.kr
Source Text
Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.
Source: Yonhap News (October 14, 2025)
** This article was translated from Korean.