The Financial Services Commission (FSC) said on the 18th that a partial amendment to the Enforcement Decree of the Korea Development Bank Act for operating the "National Growth Fund" was approved at a Cabinet meeting.
In September, the government released at the "National Growth Fund national reporting conference" that it would create a total National Growth Fund of 150 trillion won by combining 75 trillion won from an advanced strategic industry fund with 75 trillion won from private, pension, and industry capital over the next five years.
The National Growth Fund is a national project that supplies long-term, large-scale investment to advanced industries and future strategy fields, and actual operations will be handled by the Korea Development Bank, a policy finance institution under the Financial Services Commission (FSC).
This enforcement decree amendment is a follow-up measure to the amendment of the Korea Development Bank Act that created the advanced fund, and includes specifying the scope of industries to be supported by the advanced fund and establishing criteria for forming the Advanced Strategic Industry Fund Management Deliberation Committee, which will decide the basic direction of fund management.
First, the support targets of the advanced fund have been expanded so that, in addition to the existing 10 industries such as semiconductors and artificial intelligence (AI), additional industries can be designated by presidential decree when necessary for future strategy and economic security.
Accordingly, the "cultural content industry" has been added to the advanced fund's support targets. Support will cover not only content such as films and performances, but also infrastructure for the cultural content industry, including K-pop performance venues.
In addition, critical minerals, which are materials and supplies for future advanced strategic industries, have also been added to the support targets. However, to avoid unnecessary overlap with the supply chain fund, the Korea Development Bank, the Export-Import Bank of Korea, and the relevant ministries will manage the scope.
The Fund Management Deliberation Committee is a statutory body that deliberates on basic policies related to the management and operation of the advanced fund and on matters related to funding support. The committee consists of nine members: two recommended by the National Assembly's standing committee, one each recommended by the Financial Services Commission (FSC), the Ministry of Economy and Finance (MOEF), the Ministry of Trade and Industry (MOTI), the Ministry of SMEs and Startups (MSS), the Ministry of Science and ICT (MSIT), and the Korea Chamber of Commerce & Industry (KORCHAM), and one from among Korea Development Bank executives and employees.
Meanwhile, the amendment to the enforcement decree approved at the Cabinet meeting that day will take effect on Dec. 10, 2025, after procedures such as presidential approval and promulgation, together with the amended law.