Oh Se-hoon: "A 500 Trillion Won 'Regrowth' Fund Must Be Established"

Oh Se-hoon Reiterates the Need for Economic Growth
Calls for Bold Investment in Future Strategic Industries
Proposes Establishment of a Large-Scale 'Re-Growth (KOGA) Fund'

Seoul Mayor Oh Se-hoon asserted that a 500 trillion won-scale 'Re-Growth (KOGA) Fund' should be established to lead South Korea's future advanced industries.

On the 6th, Mayor Oh stated on Facebook, "Without bold investments in future strategic industries such as AI, semiconductors, quantum, bio, nuclear fusion power, and space industries, we will inevitably fall behind in global competition."

Yonhap News

Mayor Oh explained the insufficient domestic research and development (R&D) budget compared to overseas cases. He said, "Our government's R&D budget is only about 29.6 trillion won, and the budget for leading R&D support in AI, semiconductors, quantum, bio, etc., is 4.3 trillion won, which is very insufficient."

He continued, "Meanwhile, China plans to invest 1,900 trillion won in the AI industry by 2030, and the United States is also investing 700 trillion won in AI infrastructure," adding, "We too must make virtuous cycle investments with a long-term perspective."

Mayor Oh emphasized, "We must establish a large-scale fund utilizing the sovereign wealth fund, share investment risks with the private sector, and actively support innovative companies," and stressed, "Financial support is essential for scaling up small and venture companies, M&A of advanced technology companies, and expanding large-scale research and production facilities."

He stated, "To secure South Korea's future growth engines, the state must take bold and proactive investor roles," and added, "Now is the golden time that will determine South Korea's future industrial competitiveness."

Earlier, on the 4th, Mayor Oh argued at a forum held at the Korea Chamber of Commerce and Industry that South Korea should pursue economic growth and a leap forward centered on companies, mentioning 'Vice Prime Minister for Corporate Growth' and 'Service Government.' Mayor Oh is also set to publish a book titled 'It Is Re-Growth' this month.