Establishment of a 30 Billion KRW 'Susan Venture Startup Fund'... Investment in High-Growth Potential Susan Companies

[Sejong=Asia Economy Reporter Joo Sang-don] The government will establish a Fisheries Venture Startup Fund worth a total of 30 billion KRW for the first time in the fisheries sector this year. After its establishment, the fisheries fund plans to invest in and recover investments from promising fisheries companies over approximately eight years.

The Ministry of Oceans and Fisheries announced on the 24th that it will open a public offering for fund managers to operate the Fisheries Venture Startup Fund from the 25th until March 31st.

Since 2010, the Ministry of Oceans and Fisheries has been creating fisheries funds to revitalize investment in the fisheries sector. The fisheries funds, jointly funded by the government’s fisheries mother fund and private capital, invest in and recover investments from promising fisheries companies over about eight years after establishment. Using this method, the ministry has established 11 fisheries funds totaling 182 billion KRW by last year, investing 80.2 billion KRW in fisheries companies.

The Fisheries Venture Startup Fund, established for the first time this year, is a specialized fund aimed at discovering and nurturing new promising companies in the fisheries sector and revitalizing fisheries startups. While previous fisheries funds targeted all companies in the fisheries sector, the Fisheries Venture Startup Fund focuses on venture and startup companies and those utilizing new technologies.

Companies interested in applying to manage the Fisheries Venture Startup Fund can submit proposals and related documents to the Korea Agriculture Policy Insurance & Finance Service within the application period.

Lee Kyung-gyu, Director of Fisheries Policy at the Ministry of Oceans and Fisheries, said, "We expect that the Fisheries Venture Startup Fund, established for the first time this year, will promote the inflow of private capital and contribute to creating a self-sustaining investment market," adding, "We ask for the active interest and participation of fund managers in this public offering."