Major Korean corporations running regional creative economy centers have been striving to raise investment funds since the Samsung Daegu Center, which was established in Sept. last year as the first creative economy center in Korea, announced that it would raise an investment fund of 30 billion won (US$26 million) for the next five years.
According to the Ministry of Science, ICT & Future Planning, a total of 14 creative economy centers are in operation now, including the SK Sejong Center opened late last month. The Ulsan Creative Economy Center is scheduled to open this week, and two more in Seoul and Incheon will open before the end of this month.
The SK Telecom Daejeon Center recently said that it would raise 35 billion won (US$31 million) with a government fund of funds. The Hyosung Jeonbuk Center suggested 40 billion won (US$35 million) with the Growth Ladder Fund, a government policy fund. Hyundai Motor Company Gwangju, Lotte Busan, and KT Gyeonggi promised 67.5 billion won (US$59 million), 50 billion won (US$44 million), and 55 billion won (US$48 million), respectively. The target of Daum Kakao in Jeju is 66.9 billion won (US$58.5 million). Altogether the centers have set investment fund-raising goals adding up to 581.9 billion won (US$509.2 million).
According to industry sources, some of the enterprises are providing two to three billion won in direct assistance for each firm in their centers via their own budgetary resources, and the assistance is taking the form of equity investment and development cost sharing.