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Ministry Creates KRW 70B Special R&D Fund For Job Creation

According to Yonhap News,

(SEOUL=Yonhap News) On June 27, the Ministry of Science and ICT announced it is putting together a KRW 70 billion special fund for companies working to commercialize public technology in special R&D zones to spur on the creation of jobs.

The ministry and the INNOPOLIS Foundation will be expanding on the fund created in 2006 to create the 2nd job creation investment fund.

The goal of the special fund is to give financial assistance to companies commercializing public technology in special R&D zones to aid in financing, overcoming the death valley and creating more jobs.

POSCO Capital and K Run Ventures recruited investors after they were selected to manage the fund last December. In July, they will start investments worth KRW 7 billion and increase investments to KRW 70 billion by 2021.

After the fund reaches KRW 70 billion, it may be expanded up to KRW 100 billion in the case of additional investments.

The main recipients of funding will be companies commercializing public technology. Also, 60% of the fund will be allocated to companies in special zones, and 50% of the aforementioned amount will go towards materials companies in special zones.

Moreover, local governments will invest double the amount of the fund for materials companies in their respective regions. The investments will fall between KRW 1 to 5 billion per company.

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Source Text

** This article was translated from Korean.

Source: Yonhap News (June 27, 2018)

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