JEONJU – Jeonbuk Special Self-Governing State has made history by becoming the first non-metropolitan region in South Korea to surpass 1 trillion won in cumulative venture fund formation. This achievement marks a significant milestone in Governor Kim Kwan-young’s mission to build a self-sustaining "Jeonbuk-style venture ecosystem," effectively positioning the region as a rising hub for entrepreneurship.
According to data released by the state on the 23rd, the cumulative venture fund reached 1.0184 trillion won. This represents a staggering 4.8-fold increase compared to the end of the previous administration. While only seven funds totaling 210.5 billion won existed previously, the current administration has aggressively expanded the portfolio by adding 24 new funds worth 888.9 billion won over the past three years.
A Rapid Trajectory of Growth
The expansion has been consistent and strategic. By the end of 2025, the total is projected to reach 1.0994 trillion won across 31 individual funds.
2023: 6 funds (233.8 billion won)
2024: 9 funds (336.8 billion won)
2025: 9 funds (318.3 billion won) + 2 additional funds expected by year-end.
Real-World Economic Impact
The fund is not just a statistical success; it is yielding tangible results for the local economy. Acting as "priming water" for private investment, the initiative has helped 78 local companies secure a total of 330.6 billion won in investment. This includes 103.3 billion won in direct investment from state-backed funds and 227.3 billion won in co-investments.
The impact on employment and revenue is equally impressive:
Job Creation: For 37 surveyed firms, employment jumped from 1,453 to 2,264—an increase of 811 new jobs (55.8%).
Revenue Growth: 31 analyzed companies saw their combined annual sales surge from 289 billion won to 475 billion won.
Regional Expansion: 13 companies headquartered outside the region relocated their main offices or factories to Jeonbuk following these investments.
Future Outlook: An "Economic Breakwater"
The state views this 1 trillion won milestone as a crucial "economic breakwater" against the ongoing crisis of regional depopulation. By establishing a financial ecosystem independent of the Seoul metropolitan area, Jeonbuk is transforming itself into a "land of opportunity" for startups and scale-ups.
"Reaching 1 trillion won is not the end, but a new beginning," said Governor Kim Kwan-young. "We have focused our administrative capabilities on fund policies with the determination to usher in an era where companies actively seek out Jeonbuk. We will continue to turn the crisis of regional extinction into an opportunity for growth."
The provincial government plans to further concentrate its administrative power to ensure that Jeonbuk remains a competitive destination for high-tech industries and innovative startups, fostering a sustainable cycle of investment and job creation.
[Copyright (c) Global Economic Times. All Rights Reserved.]
