ULSAN < invest Korea

According to Yonhap News,

(ULSAN=Yonhap News) Ulsan City announced on September 17 that it will create and operate a fund for nurturing new growth industry in which the government and local public firms will participate.

The fund will be made by the City to support and promote startups and ventures in the field of new growth industry.

Korea Fund of Funds (KFoF) will invest from the government side, and Korea East West Power Co.,Ltd. and Ulsan Port Authority will invest from the private sector. Hyundai Venture Investment Corporation will be in charge of fund management.

KFoF invested KRW 8 billion, Ulsan invested KRW 3 billion and fund manager and public institutions invested KRW 3 billion making the total KRW 14 billion.

The fund will be managed for nine years.

The City also signed a mutual cooperation agreement with the investors and fund manager at the City Hall same day.

"The Fund laid the groundwork for investors to invest in startups and ventures with excellent technology in 3D printing, bio, medical, IT convergence and energy fields," said Song Cheol-ho, the mayor of Ulsan, adding, "We will provide active support for the promotion and development of business starters."

yongtae@yna.co.kr

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Source Text

** This article was translated from Korean.

Source: Yonhap News (September 17, 2018)