Korea to spend $1.4 bn to groom 1,000 startups in promising industries

[Provided by Ministry of SMEs and Startups ]

South Korean government will inject more than 2 trillion won ($1.4 billion) together with the private sector over the next 5 years to nurture over 1,000 startups in 10 promising areas, including future mobility and big data and artificial intelligence, according to Ministry of SMEs and Startups on Thursday. The government will set up a 110 billion won fund to facilitate private investment in potential new industry sectors and expand the global fund to 8 trillion won next year from current 6.3 trillion won.

By Pulse