Seoul: An investment fund offering tax break and loss coverage began to be offered to the public on Friday with the goal of generating upward of 600 billion won (US$397 million) in sales, the country's financial regulator said.
According to Yonhap News Agency, the sale will run for three weeks, and all citizens will be able to invest in the fund via 10 banks and 22 securities firms, as stated by the Financial Services Commission (FSC).
The fund will invest in firms specializing in artificial intelligence (AI), rechargeable batteries, hydrogen, biotechnology, and other related sectors.
FSC Chairman Lee Eog-weon emphasized the fund's potential by stating, "The fund will become an attractive investment opportunity for people to share in the benefits from growth in the future strategic sectors," after subscribing to the fund in Seoul.
The fund guarantees up to 20 percent of losses using government funds and offers income deduction of up to 40 percent, or 18 million won.
The fund is part of the Korea National Growth Fund launched late last year to nurture strategic industries such as AI, bio, and semiconductors. The government plans to raise up to 150 trillion won from both the private and public sectors and operate the fund for the next five years.