The Seoul Metropolitan Government announced on the 14th that it plans to commit 30 billion won to the 'Seoul Vision 2030 Fund' as a first phase investment this year.
The Seoul Vision 2030 Fund is an initiative promoted by the Seoul Metropolitan Government to discover promising future industries and stimulate the startup ecosystem. The goal is to raise a total of 50 trillion won over four years from 2023 to 2026 by linking Seoul's investment with government fund resources and private investments. The raised funds will focus on investments in future strategic industries.
So far, the amount raised over the past two years has reached 26.646 billion won. Of this, the Seoul Metropolitan Government has committed 15.1 billion won.
The Seoul Metropolitan Government plans to establish a fund worth 48.5 billion won in July to August of this year. More than half of this will be invested in the artificial intelligence (AI) industry, while the remainder will support bio and early-stage corporations facing financial difficulties.
The submission period for proposals from fund management companies will be open until 2 p.m. on the 28th. Proposals must be submitted through the Seoul Metropolitan Government's web hard.
Announcements regarding fund investment projects can be found on the Seoul Metropolitan Government's website and the Seoul Economic Promotion Agency's website.
Joo Yong-tae, director of the Seoul Metropolitan Government's Economic Bureau, said, "This year, the Seoul Vision 2030 Fund places a focus on strengthening the AI sector, which will be a driving force for future innovation," adding, "The Seoul Vision 2030 Fund will act as a catalyst to help promising corporations grow."