Gwangyang City Joins 131.3 Billion Won Regional Growth Fund... Commits 1 Billion Won Over 3 Years

Advancing the Steel and Port Industries and Fostering Emerging Industries Such as Secondary Batteries

Gwangyang City in Jeonnam-Gwangju is joining the 131.3 billion won Jeonnam-Gwangju Regional Growth Fund to support the growth of local venture and startup companies and foster future industries.

Gwangyang City announced on November 13 that it had attended the founding ceremony for the Jeonnam-Gwangju Regional Growth Fund, held at the National Suncheon University on November 11, and plans to invest 1 billion won in installments over the next three years.

Gwangyang City is joining the 131.3 billion won Jeonnam-Gwangju Regional Growth Fund to foster future industries. Provided by Gwangyang City.

The fund was established with a total of 131.3 billion won, including 75 billion won from the Ministry of SMEs and Startups’ Fund of Funds and 15 billion won from POSCO Holdings, with contributions from the Jeonnam-Gwangju Integrated Special City, Gwangyang, Yeosu, and Suncheon, as well as financial institutions and universities.

The fund will provide financing tailored to companies’ growth stages through investments in local startups and venture companies, funds dedicated to startup accelerators and venture capital firms, and investments in individual projects.

Through this investment, Gwangyang City plans to support the creation and growth of promising companies in emerging industries, including secondary battery materials, eco-friendly energy, smart manufacturing, and digital transformation, while also advancing key industries such as steel and ports.

In particular, the city aims to identify promising companies in connection with the Regional Growth Fund and strengthen support for attracting investment and advancing through each stage of growth, thereby boosting the competitiveness of local industries and creating quality jobs.

Gwangyang Deputy Mayor Lee Sangyong said, "It is important for the public and private sectors to work together to build an investment foundation so that promising local companies do not miss opportunities to grow because of a lack of funding. We will actively cooperate to ensure that the Regional Growth Fund strengthens Gwangyang’s industrial competitiveness and provides a foundation for a virtuous cycle in which companies are founded, receive investment, and grow locally."

This content was produced with the assistance of AI translation services.