Cabinet approves amendment to the Korea Industrial Bank Act to add industries beyond the existing 10 core sectors, including semiconductors and AI

A photo shows President Lee Jae-myeong posing for a commemorative photo with LE SSERAFIM and Stray Kids at the launch ceremony of the National Culture Exchange Committee in Kintex, Goyang.

The National Growth Fund (the Advanced Strategic Industry Fund) will now cover culture and content industries, including K-pop venues, allowing support for top-tier content such as films and performances as well as cultural infrastructure like K-pop concert halls. The fund also adds core minerals to its target list as a material key to future strategic industries.

On Nov. 18, the Finance Ministry said that an amendment to the Korea Industrial Bank Act’s enforcement decree was approved by the Cabinet to ensure the successful operation of the fund. The government notes that the amendment formalizes the scope of the Advanced Strategic Industry Fund and the composition and operation of its Investment Management Council, paving the way for its implementation on Dec. 10.

Previously, the government announced at the National Growth Fund briefing on Sept. 10 that the fund would total 150 trillion won, combining 75 trillion won in government funds with 75 trillion won from private finance and pension funds. The amended act allows the designation of additional industries by presidential decree, including those relevant to national security and future-oriented strategies, alongside the existing 10 sectors such as semiconductors and AI.

To bolster Korea’s cultural sovereignty and support the content ecosystem, the government coordinated across ministries to add culture and content industries to the fund’s eligible list. The new framework also means the fund can support not only films and performances but also infrastructure like K-pop venues.

The Investment Management Council will comprise nine private-sector experts appointed by the Financial Services Commission, along with two members from Parliament’s standing committees, one each from the FSC, the Ministry of Economy and Finance, the Ministry of Trade, Industry and Energy, the Ministry of SMEs and Startups, the Ministry of Science and ICT, and a representative from the Korea Chamber of Commerce and Industry, plus one executive or staff member from the Industrial Bank of Korea.

The council’s structure aims to reflect input from the legislature, government, and industry while maintaining expertise, independence, and fairness. The enforcement decree will take effect on Dec. 10, alongside the amended law.

The Finance Ministry said it will push for next year’s budget to align with the fund’s launch and for government guarantees on bonds (about 15 trillion won) to pass Parliament.

Note: The English version preserves the core factual statements from the Korean source without adding new facts or changing the meaning, and formats the piece in a clean, publishable news style suitable for global entertainment outlets.