The government will launch a 20 trillion won ($13.9 billion) sovereign wealth fund next year to make long-term investments in strategic domestic industries, including artificial intelligence, chips, robotics, defense and biotechnology, officials said Friday. The fund will be established within the Korea Investment Corp. (KIC). The plan was announced Friday at a meeting of economic affairs ministers chaired by Minister of Finance and Economy Koo Yun-cheol. The government plans to capitalize the fund with about 16 trillion won in shares it holds in state-run financial institutions, including the Korea Development Bank, the Export-Import Bank of Korea and the Industrial Bank of Korea. It will also contribute roughly 4 trillion won in shares received in lieu of inheritance and gift taxes. Additional funding may come from surplus tax revenue generated by the semiconductor industry and from private donations. Unlike existing policy funds, the new vehicle will operate as “ultralong-term patient” capital, with no predetermined maturity or liquidation date. It will make direct equity investments i
Korea to launch $13.9 bil. sovereign wealth fund for strategic industries
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