[Asia Economy (Suwon) = Reporter Lee Young-gyu] The Gyeonggi-do Economic Science Promotion Agency has rolled up its sleeves to support local companies' overseas expansion.
On the 12th, the Gyeonggi Economic Science Agency announced that it signed a business agreement with Hillstone Partners on the 11th to support the overseas expansion of venture companies in the province.
This agreement was planned to create an investment-centered venture ecosystem and contribute to the creation of good jobs by early discovering venture companies in the province with ICT innovative technologies based on 4th industrial revolution technology convergence and supporting their investment.
According to the agreement, the two organizations will ▲discover promising investment companies located in Gyeonggi-do ▲provide Hillstone with information on promising investment companies nurtured by the Gyeonggi Economic Science Agency ▲Hillstone will provide overseas expansion funding support for promising investment companies provided by the Gyeonggi Economic Science Agency ▲select promising venture companies and invest 1 billion KRW over three years to support overseas expansion for 30 companies.
Hillstone is an investment specialist firm established by investment experts with over 10 years of experience from Samsung Asset Management, Merrill Lynch, Barclays, Mirae Asset, Daishin Securities, and KTB.
It has expertise and a strong network in the information technology (IT) and fintech sectors and is forming PE funds and partnerships targeting key investment regions such as Korea, China, and Japan.
Hillstone is conducting various businesses by experiencing changes in domestic and international markets, including not only the existing mergers and acquisitions (M&A) ecosystem but also startup and blockchain ecosystems. Since 2019, it has been operating a startup accelerating program with leading domestic and international institutions at the Pangyo Startup Campus.
Through this agreement with Hillstone, the Gyeonggi Economic Science Agency plans to support the overseas expansion of promising local venture companies struggling due to COVID-19 and proactively respond to the increasing demand for overseas expansion support for promising companies after the pandemic.
Jeon Byung-seon, Director of Science at the Gyeonggi Economic Science Agency, stated, "Through this business agreement, we expect to accelerate the overseas market development of local companies by cooperating with Hillstone to support the overseas expansion and innovation acceleration of promising local venture companies facing difficulties due to the prolonged COVID-19 pandemic."
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