The Ministry of Trade, Industry and Energy announced on the 22nd that it has formed’Digital Industry Innovation Fund No. 1′, which invests in digital innovative companies that incorporate digital technologies such as AICBM, for 102 billion won, and will start investing in earnest.
AICBM technology stands for Artificial Intelligence (AI), Internet of Things (IoT), Cloud, Big Data, and Mobile.
The Ministry of Industry, fund managers, and investors held the’Digital Industry Innovation Fund No. 1 Formation Ceremony’ on the 22nd and discussed future fund investment and management plans.
The Ministry of Industry has been promoting the creation of a digital industrial innovation fund as a strategy to respond to the reorganization of the global value chain due to the 4th Industrial Revolution and Corona 19, and to expand investment in industrial digital transformation.
The fund was formed by exceeding the initial target of 80 billion won, which exceeded 22 billion won, and public institutions and private investment institutions jointly participated in the preemptive and strategic support of digital industrial innovation for the first time in Korea.
The manager will actively discover digital industrial innovation companies that promote innovation in production processes and products and services by incorporating AICBM technology, and will invest more than 60% of the total fund.
The Ministry of Industry, starting with Digital Industry Innovation Fund No. 1, is planning to establish a digital industry innovation fund worth 400 billion won over five years to promote digital transformation of the Korean industry.
This year, the company plans to promote the creation of the 2nd Digital Industry Innovation Fund worth 80 billion won, and plans to announce a plan to select a manager in the first half of the year and proceed with the full-scale creation process.
In addition to the fund, the Ministry of Industry is providing various financial support for digital transformation through a 2 trillion won financial support agreement.
Sang-mo Kim, Minister of Industry and Technology Convergence Policy Officer of the Ministry of Industry, who attended the event, said, “Digital industrial innovation has become a prerequisite for the survival of our company and creation of added value amid the transformation of the digital industrial ecosystem and the reorganization of the global value chain.” “We will continue to expand the discovery of digital innovative companies and financial support so that we can overcome the crisis and secure global competitiveness.” Ⓒ Safe Times
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