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According to Yonhap News,
(CHUNCHEON=Yonhap News)
Chuncheon City set up a fund to foster SMEs in order to attract talent from capital area and help the growth of SMEs.
The scale of fund will consist of KRW 12 billion national budget, KRW 4 billion city budget, and KRW 4 billion from the private sector, adding up to KRW 20 billion.
The fund will be in existence for 7 years in total, including investment for 3 years and exit for 4 years.
More than 12 billion won (more than 60 percent of the total amount) will be invested in local companies.
The city will operate a working-group meeting and task force (TF) for success of the fund for four months from August.
To this end, the city will sign MOU with local public institutions and industry-academia cooperation group of universities to discover startups and promote growth of local companies at Chuncheon City Hall on August 1.
Chuncheon city official said, "This fund is expected to be a chance to stimulate growth of companies through government-private joint investment."
hak@yna.co.kr
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Source: Yonhap News (July 31, 2019)
** This article was translated from Korean.