Gyeonggi Province said Monday it has completed the formation of its "Future Growth Fund No. 8" to support export companies struggling under the dual burden of the Middle East conflict and the tariff war.
The fund totals 224.6 billion won ($164 million), comprising 10 billion won contributed by Gyeonggi Province and the Gyeonggi Provincial Economic Science and Technology Promotion Agency, plus 214.6 billion won in private investment. The total is more than four times the province's initial target of 50 billion won.
The Future Growth Fund No. 8 will invest in export companies within the province that have strengths in research and development, firms diversifying export destinations and localizing raw materials, and companies preparing to transition into future growth industries.
Gyeonggi Province originally designed the fund last year to support companies affected by the U.S.-led tariff war, and expanded its scope this year as global economic uncertainty grew amid the Middle East conflict.
"Export companies in the province are feeling significant damage due to recent instability in the Middle East," said Nam-gung Woong, director of Gyeonggi Province's Regional Finance Division. "We will mobilize all available resources and respond swiftly so that companies can feel the change immediately on the ground."
