GWANGJU < invest Korea

According to Yonhap News,

(GWANGJU=Yonhap News) The Magna Asia Culture City Fund, set to be launched Feb. 10 as the 2nd Asia cultural industry investment association, will be investing in Gwangju's cultural industry.

It is anticipated that the new fund will increase investments in the local cultural industry, helping culture-related companies with quality cultural contents to overcome their financial difficulties.

Initially, the total is set at KRW 10 billion, of which KRW 3 billion comes from the national government, KRW 3 billion from the city, and KRW 4 billion from private sources.

The association is set to last for 7 years, during which it will invest a minimum of KRW 6 billion in companies based in Gwangju or with branch offices in the city, or by projects being developed within the Gwangju Investment Promotion Zone.

The 1st Asia cultural industry investment association, launched in 2012 with KRW 19 billion (KRW 3.8 billion from the national government, KRW 3.5 billion from the city, and KRW 11.7 billion), had invested a total of KRW 35 billion in cultural businesses.

nicepen@yna.co.kr

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