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Culture Ministry to Create KRW 27 Bln Tourism Industry Promotion Fund

According to Yonhap News,

(SEOUL=Yonhap News) The Ministry of Culture, Sports and Tourism announced January 31 that it will be creating a new fund worth KRW 27 billion to nurture the culture industry.

A minimum of 60 percent of the '3rd Tourism Industry Promotion Fund', created to revitalize investment in tourism SMEs and startups , will be invested in companies in the tourism industry and related industries.

Small investments in newly-established SMEs and startups will account for a minimum of 15 percent of the fund, in recognition of the industry's specific needs.

In addition, a minimum of 15 percent of the fund will be set aside for tourism startups recognized by the Korea Tourism Organization and companies that have succeeded in attracting crowd-funding.

So far, the ministry had created tourism promotion funds worth a total of KRW 69 billion, and plans to create additional funds worth KRW 150 billion by 2022.

As of late last year, some KRW 25.3 billion of such funds has been invested in SMEs and startups.

The ministry said it will consult with industry experts and promote small investments in newly-established SMEs and startups.

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Source Text

Source: Yonhap News (Jan. 31, 2017)

** This article was translated from the Korean.
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