Ulsan establishes 50 billion won Future Growth Fund

Ulsan Metropolitan City has established the ‘Ulsan Future Growth Fund’ with a total scale of 50 billion won. The fund was formed using 35 billion won from the government’s fund-of-funds as seed money, with additional contributions from HD Hyundai Heavy Industries, NH Nonghyup Bank, BNK Kyongnam Bank, UNIST, and Korea Zinc.

The initiative aims to create an investment ladder ranging from early-stage startups to the advancement of major local industries. Target sectors include shipbuilding, automobiles, secondary batteries, energy, and fine chemicals, as well as innovative technologies and entrepreneurial small business owners. The city plans to use this mother fund to establish sub-funds exceeding 63 billion won and intends to begin actual investment execution within the year through Korea Venture Investment Corp.