New KVCA Head Vows to Increase Annual Venture Investment to 5 Tril. Won

Venture capital is not a means to support venture companies, said Chung Sung-in, new chairman of the Korea Venture Capital Association (KVCA), in an inauguration ceremony held at InterContinental Grand Seoul Parnas Hotel on Feb. 21. "I will strive to position it as an industry on its own."

Chung is one of Korea’s first-generation venture capital experts. He joined KTB Network in 1981 and has since spent about 40 years working for diverse venture capital firms.

Currently, he is the CEO of Premier Partners, a venture capital firm he founded in 2005, and will serve as chairman of the association for two years.

In his inaugural address, Chung outlined five tasks he would focus on during his tenure -- to strengthen member services, overhaul support systems with a focus on the market, solidify the status of the venture capital industry, expand human resources infrastructure and achieve 5 trillion won in annual venture investment.