Incheon City is taking aggressive investment measures focused on the region's specialized industries, such as semiconductors and bio sectors, as well as youth startups, to revitalize the local investment ecosystem.
The city announced on the 24th that it will reorganize the existing 'Incheon Innovation Mother Fund' under the new name 'Incheon Big Wave Mother Fund' and plans to raise a fund worth 150 billion KRW this year to invest in local companies.
The city will contribute 15 billion KRW to the fund, while the Ministry of SMEs and Startups' 'Mother Fund' and the private sector will provide the remaining 135 billion KRW.
While the existing Incheon Innovation Mother Fund involved economic organizations and prominent universities in Incheon as contributors, this year the plan is to encourage corporate participation to further expand the fund size and strengthen the local investment ecosystem.
The Incheon Big Wave Mother Fund originated from the Incheon Innovation Mother Fund, which Incheon City established in 2021 as the first local government to do so, aiming to invest 60 billion KRW over four years to create a fund worth 600 billion KRW.
In just two years, half of the project period, the city has contributed 13 billion KRW and raised a total fund of 415.5 billion KRW, bringing it close to achieving its goal.
Interest from investment firms in the Incheon region is also steadily increasing.
Although the total investment in Incheon companies from the existing fund amounts to 10.5 billion KRW across 12 companies, this figure only accounts for investments made by the associations that received contributions from the city. Including co-investments, the total investment in Incheon companies last year reached approximately 76 billion KRW.
For example, Vegistar Co., Ltd., a company specializing in agricultural product preprocessing, expanded its processing facilities after receiving an investment of 15.3 billion KRW and achieved sales of 80 billion KRW last year.
Additionally, EzWeMake Co., Ltd., a local small mart delivery platform operated by a young CEO, secured an initial investment of 100 million KRW from the city for business commercialization and item advancement, followed by an additional 4.5 billion KRW in funding.
Moreover, through the quarterly Incheon City-exclusive investment IR (Investor Relations) event called Big Wave, a total of 20 companies successfully attracted follow-up investments worth 39.7 billion KRW, significantly contributing to the revitalization of the local economy.
An official from Incheon City stated, "Due to the global investment winter, the Ministry of SMEs and Startups' Mother Fund budget has decreased by nearly 40% compared to last year. By taking the lead in contributing to the fund, the city will actively encourage private participation to create a competitive investment ecosystem in Incheon."
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