Gyeonggi Province Governor Choo Mi-ae presided over the Gyeonggi Future Investment Corporation Establishment Task Force (TF) strategy meeting on July 20, ordering the signing of memorandums of understanding (MOUs) for capital contributions to the corporation with eight cities that serve as hubs for the semiconductor industry in the province by the end of this year.
The local governments involved include Suwon, Yongin, Hwaseong, Pyeongtaek, Icheon, Anseong, Osan, and Seongnam, which are home to Samsung Electronics, SK Hynix, and various semiconductor material, parts, and equipment companies.
The initiative aims to channel the gains from the semiconductor industry boom into investments in strategic industries within Gyeonggi Province.
Governor Choo also expressed expectations that if cities such as Gwangju, through which power transmission lines and water pipelines connected to semiconductor industrial complexes pass, join the investment, the construction of infrastructure such as power and water supply will be accelerated.
Governor Choo emphasized that "the establishment of the Gyeonggi Future Investment Corporation is a solution to Gyeonggi Province's fiscal crisis and a key engine for sustainable growth," and urged for a swift implementation.
The Gyeonggi Future Investment Corporation is a public policy finance institution for investing in strategic industries such as semiconductors and AI, and is one of Governor Choo's campaign pledges.
Starting with the operation of the TF, Gyeonggi Province plans to establish the Gyeonggi Future Investment Corporation in the second half of next year after going through administrative procedures such as feasibility studies, deliberations, and the enactment of ordinances.
The TF, which was formed on July 6, consists of 10 members across two teams—the General Planning Team and the Fund Establishment Team—and includes departments from the Gyeonggi Provincial Office such as the Economic Affairs Office, the Future Growth Industry Bureau, and the AI Bureau, as well as affiliated organizations such as the Gyeonggi Credit Guarantee Foundation and the Gyeonggi Business & Science Accelerator. (Photo: Provided by Gyeonggi Province, Yonhap News)