Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (Minister Han Sung-sook, hereinafter referred to as the Ministry of SMEs and Startups) attended the inaugural ceremony of the 'Chungcheongnam-do Enterprise Growth Venture Fund' held at Sonobel Cheonan on Wednesday the 20th and announced that the Chungcheongnam-do regional fund, which focuses on investing in Chungcheongnam-do, has completed recruiting investors and will begin full-scale operations.
In February of this year, the Ministry of SMEs and Startups recruited local governments to participate in the creation of a regional fund exclusively for non-metropolitan areas. The four fund-raising regions were selected: Gangwon, Gyeongbuk, Busan, and South Chungcheong. The first fund will be established in South Chungcheong Province, thanks to the active participation of local communities, led by the South Chungcheong Provincial Office.
The Chungnam Enterprise Growth Venture Fund was established as a KRW 101.1 billion venture capital fund to invest in venture funds focused on the Chungnam region. The parent fund contributed KRW 60 billion to establish a large-scale regional venture capital fund.
Major investors included South Chungcheong Province, Industrial Bank of Korea, Nonghyup Bank, and Hana Bank. This fund, in particular, will support the growth of emerging local companies with a total investment of KRW 6 billion from regional leading companies: JB Corporation, Mirae Enseohae Energy, Sunik Systems, and Daeil Industrial.
The Chungnam Enterprise Growth Venture Fund plans to establish a venture fund worth 150 billion won over the next three years, focusing on investments in Chungnam over the next three years, by finalizing investment areas through the Steering Committee in September and starting a private fund investment business in October.
Following the opening ceremony in the first part of this event, the second part included an explanation session on the operation direction of the 'Chungnam Corporate Growth Venture Fund' and IR of promising companies in Chungnam. In the third part, LB Investment, Aju IB Investment, and others participated, providing a networking opportunity between investors in the Chungnam region and investors in the metropolitan area.
Vice Minister Noh Yong-seok said, “The ‘Chungnam Enterprise Growth Venture Fund,’ which was born from solidarity among local communities, will serve as a catalyst to inspire and encourage other local communities and encourage the participation of many local investors,” and added, “The Ministry of SMEs and Startups will establish a non-metropolitan area-only venture fund centered on the five major and three special regions, starting with the Chungnam Enterprise Growth Venture Fund, and foster ventures and startups as regional growth engines.”
- See more related articles
You must be logged in to post a comment.