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(SEOUL=NEWSIS) The Ministry of Science, ICT and Future Planning (MSIP) will nurture 1,000 venture capitals so they can enter foreign markets by 2017 and attract KRW 200 billion (USD 183 million) in investment to accelerate the results of the creative economy.
The ministry will provide annual mentoring programs to the 300 companies in the startup pool and support them in their efforts to enter foreign markets, commercialize their products and conduct research and development.
In 2014, the government attracted KRW 63.3 billion in investment (149 cases), signed 280 business contracts and established 152 new corporations through ICT startups and venture support projects.
However, issues regarding the effectiveness of the support projects were raised, as they were managed by different ministries. Therefore, the MSIP will enhance the results of support projects by integrating them under one management.
The ministry also plans to develop the Pangyo Creative Economy Valley into a support hub for ICT venture capitals. The valley will be home to 100 potential companies along with specialized institutions, including consulting and mentoring support institutions.
The ministry will extend the maturity of the Korea IT Fund (KRW 380 billion), a specialized fund for the ICT sector, to secure capital for venture investment and encourage more investment in potential ICT startups and venture capitals. It will expand loans and funds for ICT startups and venture capitals from KRW 107 billion to KRW 500 billion in 2015.
Source: Newsis (March 31, 2015)
** This article was translated from the Korean.