JEOLLABUK-DO < invest Korea

According to Yonhap News,

Korea Venture Investment Corp (KVIC) announced on August 22 that it signed a business agreement with the K-Water, Jeollabuk-do, and Gangwon State on the previous day to set up a "Jeonbuk-Gangwon Regional Innovation Venture Fund."

The Jeonbuk-Gangwon Regional Innovation Venture Fund is a fund jointly created by local public institutes, local governments, and fund of funds to invest in local innovative companies and water industry companies.

The agreement calls for forming a baby-fund worth KRW 84 billion over the next three years by investing a total of KRW 58.8 billion, including KRW 29.4 billion from fund of funds, KRW 15.9 billion from K-Water, and KRW 13.5 billion from local governments.

It's the fifth time for the KVIC to form regional innovation venture fund after Busan, Chungcheong, Southeastern, and Daegu·Jeju·Gwangju.

KVIC's CEO said, "The role of regional innovation venture funds is more vital than ever in revitalizing local investment as the share of venture investment in the capital area is still higher than 70%," adding, "We will make every effort to successfully operate Jeonbuk·Gangwon regional innovation venture funds."


kaka@yna.co.kr
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Source: Yonhap News (August 22, 2023)