SEOUL, Dec. 23 (Yonhap) -- Investment in startups increased 22 percent on-year in the first 10 months of the year, driven by hopes of lucrative returns and policy backup, data showed Monday.
A total of 3.82 trillion won (US$3.29 billion) was invested in promising startups in the January-October period, compared with 2.89 trillion won tallied during the same period last year, according to the data from the Ministry of Small and Medium-sized Enterprises and Startups.
The amount surpasses 3.42 trillion won tallied for all of 2018, the ministry said.
"The annual startups investment is expected to surpass a record-high of 4 trillion won this year," said a ministry official who asked not to be named.
The growth in venture investment is in line with the Moon Jae-in administration's push to develop new growth engines and support smaller firms.
The government launched the SMEs and startups ministry in 2017 and has stressed the need for innovation-led growth.
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