Invest KOREA

According to Yonhap News,

(SEOUL=Yonhap News) South Korea opened a "global business support center" on Wednesday in the Pangyo Startup Campus, the nation's new hub for digital business startups.

The center will serve as a "gateway" for local startups to meet foreign investors and launch operations abroad, said the Ministry of Science, ICT and Future Planning.

It is tasked with establishing a database of information related to startups here and provide potential overseas investors with this information.

It will forge partnerships with foreign agencies such as China's Shanghai International Sourcing Promotion Center, the Fairfax County Economic Development Authority and Strong Ventures in the United States, according to the ministry.

"The center plans to provide support for South Korean startups to find business opportunities in China, the U.S. and other global markets," a ministry official said. "Before long, Pangyo will emerge as a global technology innovation hub like the Tech City in London."

Located just south of Seoul, Pangyo is called South Korea's Silicon Valley.

In March, the Park Geun-hye administration launched the startup campus there, designed to offer a wide range of services for new businesses largely involving big data, fintech, the Internet of Things, cloud computing and mobile technologies.

It houses some 200 firms including the Yozma Group, an Israel-based global venture capital firm, and TEDCO, created by the Maryland State Legislature to support startups.

lcd@yna.co.kr

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