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S. Korea's venture investment forecast to reach record high this year

All Headlines 09:00 December 02, 2017

SEOUL, Dec. 2 (Yonhap) -- The total amount of investment in startups is expected to near a record high of 2.3 trillion won (US$2.1 billion) this year, data showed Saturday, as the government pushes to expand support for small and medium enterprises (SMEs) and new businesses.

The investment in startups was tallied at 1.8 trillion won in the January-October period, up 9.8 percent from a year earlier, according to the data from the Ministry of SMEs and Startups.

The ministry said if combined investment in November and December remains at last year's level, the 2017 total is expected to reach 2.3 trillion won, up 7.7 percent from 2016.

Investment into novice companies first surpassed the 2 trillion won-mark in 2015, and set a new record last year by reaching 2.15 trillion won, according to the ministry.

The latest surge in venture investment comes in line with the government's push to develop new growth industries with the launch of the newly minted Ministry of SMEs and Startups.

scaaet@yna.co.kr
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