Lee Eok-won, Chairman of South Korea's Financial Services Commission (FSC), announced policy finance support for startups in the southwestern region at the opening ceremony of KDB NextONE Gwangju on the 7th. Lee stated the southwestern region will establish itself as a core hub driving national industries including semiconductors and energy, emphasizing the need to cultivate innovative startups alongside large corporate investments. The announcement came as the Korea Development Bank (KDB) launched its third startup incubation platform hub, targeting 15 startups in the region with a 6-month program operated twice annually.
FSC Commits 141 Trillion Won Regional Funding in Current Year
Lee announced that policy finance institutions will supply over 141 trillion won to regional areas in the current year, expanding to 164 trillion won by 2028. The FSC will allocate more than 40% of the 150 trillion won National Growth Fund to regional areas to foster future growth drivers. Lee stated the commission will continue expanding regional policy finance hubs and startup incubation facilities, while maintaining incentives such as preferential loan-to-deposit ratios to encourage private financial institutions to increase regional lending.
Lee compared large corporate investments to "the roots of a great tree" supporting regional economies, while describing innovative startups as "fine roots" adding vitality. He emphasized that financial institutions must supply resources at the right time to grow the ecosystem.
KDB NextONE Gwangju Provides 6-Month Incubation for 15 Startups
KDB NextONE Gwangju is the third hub of the Korea Development Bank's startup incubation platform. The platform provides office space, meeting rooms, mentoring, consulting, networking, investor relations (IR) presentations, and overseas expansion support for early-stage startups.
The Gwangju hub targets 15 startups in the southwestern region that are within 7 years of founding and operate in innovative growth industries or regional core industries. The hub operates two cohorts annually, with each cohort running a 6-month incubation program. Support includes investment attraction through KDB's venture platform, education, mentoring, open innovation partnerships with large and mid-sized companies, and global market entry assistance.
Lee Eok-won Inspects Gwangju AI Industrial Complex Infrastructure
Following the opening ceremony, Lee visited the Gwangju Cheomdan District 3 AI Industrial Complex to inspect the construction status of major infrastructure including the National AI Data Center and autonomous driving simulator. He discussed AI industry support measures during the visit.
The Gwangju AI Industrial Complex was established to promote convergence between AI and regional core industries such as automotive, energy, and healthcare. Phase 1 construction completed core infrastructure including the National AI Data Center. The complex plans to develop an Artificial Intelligence Transformation (AX) demonstration district in subsequent phases.
FAQ
What did FSC Chairman Lee Eok-won announce on the 7th?
Lee Eok-won announced that policy finance institutions will supply over 141 trillion won to regional areas in the current year at the KDB NextONE Gwangju opening ceremony on the 7th. He stated the funding will expand to 164 trillion won by 2028, with more than 40% of the 150 trillion won National Growth Fund allocated to regional areas.
How does KDB NextONE Gwangju support startups?
KDB NextONE Gwangju provides 6-month incubation programs for 15 startups in the southwestern region, operating two cohorts annually. The hub offers office space, meeting rooms, mentoring, consulting, networking, investor relations presentations, and overseas expansion support for startups within 7 years of founding that operate in innovative growth industries or regional core industries.
