Lee Jae-myung, the president, said the 600 billion won Public-participation Public Growth Fund, which will begin fundraising on the 22nd, "will serve as a strong primer that spreads productive finance and contributes to the development of future high-tech industries and to the stable asset growth of the public."
The president chaired a senior secretaries meeting at Cheong Wa Dae on the afternoon of the 7th and said, "Growth that does not share outcomes with the people is not sustainable." The president also said, "The world is currently in a war without gunfire over leadership in the future economic industries," adding, "In this situation, the public's active investment and participation for high-tech industry growth will provide new and dynamic vitality to our industries."
The public-participation growth fund is a product in which ordinary citizens invest, through the government, in corporations in 12 high-tech sectors including artificial intelligence (AI), semiconductors, secondary batteries, robots, displays, hydrogen, future vehicles, vaccines, and bio. Corporations that supply equipment needed by these corporations or build facilities and infrastructure are also eligible for investment. Led by the government, 150 trillion won will be invested in these fields, and the fund's management performance will be shared with the general public.
Eligibility is people age 19 and older, or wage earners age 15 and older. Anyone who was subject to comprehensive taxation on financial income even once within the three years immediately before the fund's launch cannot subscribe. The fundraising period is three weeks, and ordinary citizens can invest in the fund up to 100 million won per year and 200 million won over five years. Up to 20% of losses will have the principal guaranteed through tax support, and tax benefits are also provided, but redemptions are not allowed for five years, tying up a lump sum.
The president said, "This is to grow high-tech strategic industries with the people's hands and to share the fruits and opportunities of that growth with all citizens," and urged, "So that many people can join the path toward growth for all and share the resulting fruits, thoroughly promote it during the remaining period and closely examine whether there are any institutional shortcomings."