Investment targets defense, biotech and secondary battery industries
Suncheon has joined the formation of the 131.3 billion won ($97.7 million) South Jeolla-Gwangju Regional Growth Fund, aiming to broaden the investment base for local companies and accelerate the development of future strategic industries.
The city plans to contribute a total of 1 billion won over the next three years to expand investment support for locally based companies with strong technology and growth potential, as part of its push to build an economic hub that attracts businesses, talent and innovation.
The South Jeolla-Gwangju Regional Growth Fund is a broad-area venture investment fund launched after South Jeolla Province and Gwangju were jointly selected through a Ministry of SMEs and Startups competitive program. It was officially established Wednesday at the 2026 South Jeolla-Gwangju Startup Festival, held at Suncheon National University.
The fund draws on 75 billion won from the government's Korea Fund of Funds, with additional participation from the South Jeolla-Gwangju integrated special city, regional companies, financial institutions and universities. It will work to identify promising companies and supply investment capital for technology development, commercialization and production facility expansion.
Suncheon intends to link the fund to its core strategic industries under the ninth elected-term administration — defense, green biotech and secondary batteries — to spur technological innovation and attract investment to local firms. The city also plans to deepen cooperation with the central government and relevant agencies to shift its industrial base from traditional manufacturing toward high-value advanced industries.
"The future we must build together is one where businesses and young people come to this region to find opportunities for growth, rather than leaving," Mayor Son Hun-mo said. "We will work to create an environment that is good for business and investment, so that promising local companies can advance into larger markets."
Suncheon has been laying the groundwork for this shift over the past year, hosting a defense industry networking event in August to strengthen business cooperation, launching an innovation and growth committee, supporting strategic industry research and development, and pursuing links to national strategic industry programs in the secondary battery sector.
parkds@heraldcorp.com
