Ulju County Pledges 100 Million Won Per Youth Startup Backed by Petrochemical Revenue

Mayor Lee Soon-geol anchors his second term on a venture fund and rural infrastructure buildout financed by heavy industry taxes.

Ulju County has committed to investing as much as 100 million won per young entrepreneur through a new municipal venture capital vehicle designed to retain talent in South Korea’s industrial heartland. Mayor Lee Soon-geol designated the Ulju Youth Growth Fund as the primary pledge of his ninth term following his re-election on June 3, 2026, signaling a shift from traditional industrial subsidies toward direct equity-style participation in local business formation [1]. The county will lead the fund’s creation and operations alongside private corporate partners, aiming to convert the region's heavy manufacturing wealth into a diversified startup ecosystem [4].

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