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Gov't to create funds for startups, venture firms

All Headlines 14:48 December 15, 2016

SEOUL, Dec. 15 (Yonhap) -- South Korea will generate 150 billion won (US$127 million) in special funds to help startups and venture firms in science and technology sectors, the science ministry said Thursday.

The Ministry of Science, ICT, and Future Planning said the three funds are aimed at bringing more investment and creating more jobs.

"The ministry will actively support the fund creation so that science and technology eventually lead to creating more jobs and stimulating the economy," said Bae Jae-woong, an ICT minister in charge of the policy.

The funds will each be focused on establishing infrastructure for basic science, new-growth sectors and assisting venture firms.

Startup campus in Pangyo. (Yonhap)

khj@yna.co.kr
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