Chairman Lee Eog-weon of the Financial Services Commission held a public conference on the introduction of an ultra-long-term technology investment fund with financial investment businesses, venture capital investors, and industry experts on July 20. The ultra-long-term technology investment fund planned to be launched in the third quarter of this year in the size of KRW880 billion for a duration of fifteen years will provide targeted funding support for the development of strategic high-tech and future industries particularly in the areas that require patient capital over a longer-term horizon. In his opening remarks, Chairman Lee spoke about the significance of launching an ultra-long-term tech investment fund through within the apparatus of the National Growth Fund as it will help to secure the competitive edge needed to propel the development of future technologies and industries. In the process of preparing for the launch and designing incentives for the asset management companies that will oversee the management of the ultra-long-term tech investment fund, Chairman Lee said that authorities will make sure to have close communication and engagement with the market and industry officials.