The South Korean government is establishing a marine specialized fund worth 1.428 trillion won (approximately $1.1 billion) to boost regional marine enterprises by 2030.
On July 27, the Ministry of Oceans and Fisheries announced that it will create the marine specialized fund over the next five years, in addition to the existing marine seed fund. Of the total amount, the government will contribute 1 trillion won (70%), while private investments will account for 428 billion won (30%).
Since 2019, the ministry has operated the marine seed fund, which was established under the Korean Seed Fund to support marine-related investments through the Korea Venture Investment Corp., a subsidiary of the Ministry of SMEs and Startups. This initiative aims to shift away from government-dependent support and create an investment-focused support system in collaboration with private capital. The marine seed fund has managed nine sub-funds totaling 1.522 trillion won from 2019 to 2024.
The recently registered 'Claire-Marine New Industry Investment Fund No. 1' is the first to focus on investing in marine companies located outside the capital region. The marine specialized fund differentiates itself by primarily targeting marine enterprises in non-capital areas.
Additionally, the fund is designed to invest at least 70% of its total amount in local marine companies. This is expected to strengthen the growth foundation of regional marine enterprises and contribute to job creation and economic revitalization.
Clairevoyant Ventures will be responsible for making investment decisions for the marine specialized fund. The fund will have a lifespan of eight years, with the possibility of extending it for up to two years through agreement among investors if necessary.
The operational status of the marine seed fund is available on the Korea Venture Investment Corp. website. Companies interested in attracting investments from the marine specialized fund and the marine seed fund can refer to this for assistance with investment inquiries.
Seo Jeong-ho, head of the Marine Policy Bureau at the Ministry of Oceans and Fisheries, stated, "The marine industry requires significant initial investment and has a long recovery period, making private investment challenging. Therefore, the marine specialized fund will serve as a crucial growth resource to support the development of enterprises in this sector."
* This article has been translated by AI.
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