Chairperson Lee Eog-weon of the Financial Services Commission (FSC) said, "The Public Growth Fund, which approved a total of 11 support cases over the past four months and supplied 8.4 trillion won, is meaningful in that it has gone beyond simple capital provision to shift finance's very paradigm from 'conservative management' to 'productive investment.'"
The Chairperson said this at the "Public Growth Fund performance review and development direction seminar," held on the afternoon of the 18th at the Korea Development Bank (KDB) IR Center.
At the seminar, the Chairperson emphasized, "Since the Public Growth Fund went into full operation early this year, it has been executing capital boldly and swiftly, breathing vitality into advanced industry sites," adding, "It is also an important meaning of the Public Growth Fund that it has widened investment channels for promising regional high-tech corporations, with more than half of the support amount executed outside the capital area so far."
The Chairperson said, "The Public Participation Growth Fund, which will be an important channel to share the fruits of advanced industry growth with the public, will launch on the 22nd," adding, "While achieving the policy goal of investing in future growth engines, we also put in place measures to enhance stability and profitability in light of the nature of public offering funds."
The Public Participation Growth Fund is designed to offer investors income tax deductions and separate taxation on dividend income, with the government bearing losses first. In particular, more than 20% of total sales will be allocated to a program dedicated to low- and middle-income individuals to help a broader range of people build assets.
At the signing ceremony held before the seminar, Korea Development Bank (KDB), BNK Financial Group, iM Financial Group, JB Financial Group, and Suhyup Bank signed an agreement to support the successful formation of the Public Growth Fund and the discovery of regional growth projects.
Park Sang-jin, chair of Korea Development Bank (KDB), said, "For the successful operation of the Public Growth Fund, the development of advanced industries, and a new leap forward for the Korean economy, it is important to move away from a Seoul metropolitan area–centric unipolar system toward a regional balanced development system centered on 'five growth poles and three special zones,'" adding, "We will support more than 40% of total funds to the regions to foster region-specific advanced strategic industries and drive balanced development."