"Kicking Off a Self-Sustaining Economy"... Sejong City Joins Forces with NongHyup Bank and Hana Bank to Create 'Regional Growth Fund'
- Input
- 2026-09-23 09:05:14
- Updated
- 2026-09-23 09:05:14
Sejong City said on the morning of the 23rd that it signed a memorandum of understanding to establish the Regional Growth Fund with NongHyup Bank and Hana Bank at the Sejong Room of City Hall. The signing ceremony was attended by Sejong Mayor Cho Sang-ho, Park Sang-pil, head of the Sejong Regional Office of NongHyup Bank, and Lee Dong-yeol, vice president of Hana Bank, among others.
The agreement was pursued to enable participation in the Regional Growth Fund call for proposals newly launched this year by the Ministry of SMEs and Startups. The initiative combines policy funds from the ministry with contributions from local governments and city treasury banks to create a private fund of funds and channel the capital into local startups and venture companies.
Under the agreement, NongHyup Bank and Hana Bank will serve as major contributors to Sejong City's Regional Growth Fund. All of the fund's capital is expected to be invested in promising venture and startup companies located in Sejong or that have confirmed plans to relocate there. In addition to providing investment capital, the two financial institutions plan to offer a range of related financial services, including financial advice, corporate fund management and credit support.
The fund's main targets are the five strategic industries promoted by Sejong City's fifth administration. They include semiconductors, materials, parts and equipment; biotechnology; artificial intelligence (AI) and robotics; knowledge services; and digital content. Along with securing investment capital, Sejong City plans to make every effort to provide administrative support, such as identifying innovative companies in the city and sharing relevant information.
Representatives from the financial sector and Sejong City are also lending their support.
Park Sang-pil, head of the Sejong Regional Office of NongHyup Bank, said, "We will actively provide financial advice and services so that Sejong City's five strategic industries and promising venture companies can grow steadily." He added, "As the leading regional financial institution, we will do our utmost to foster innovative companies in Sejong City and promote shared regional growth."
Lee Dong-yeol, vice president of Hana Bank, stated, "Hana Bank has consistently provided support for citizens and small business owners to revitalize Sejong City's local economy." He added, "We also joined this agreement in the hope that it will help promising venture and startup companies that will put down roots in Sejong grow and contribute to the city's local economy."
Mayor Cho emphasized, "Based on this agreement, we will thoroughly prepare for the Regional Growth Fund call for proposals so that administration and finance, investment and business can be connected within a single ecosystem and grow together."
Meanwhile, Sejong City has consistently faced criticism that its urban structure, centered on public institutions, lacks private investment infrastructure and a self-sustaining economic base. In particular, local venture and startup companies have frequently failed to overcome early-stage funding difficulties and moved to other regions, such as Daejeon and the Seoul metropolitan area. The creation of this cooperative fund between the city treasury banks and the local government is expected to expand the region's capacity to supply risk capital, ease promising companies' funding difficulties and increase the rate at which they remain in Sejong.
[email protected] Kim Won-jun Reporter