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KOTEC is to provide KRW 4 tn support for innovative growth this year

According to Yonhap News,

(BUSAN=Yonhap News) Korea Technology Finance Corporation (KOTEC) will significantly increase the scale of guarantee programs directed at fostering technology companies and startups in the field of the 4th Industrial Revolution.

KOTEC said on February 20 that the volume of guarantee for innovative growth in the 4th Industrial Revolution area will be expanded from KRW 3.5 trillion last year to KRW 4 trillion this year.

The sectors eligible include 3D printer, drone, smart car, carbon nanotube, Bioceramics, solar cell, ship communication operating system, augmented reality (AR), blockchain, smart lighting, online game, mobile game, and virtual reality (VR) games.

Industry 4.0 First Guarantee (responding to the 4th Industrial Revolution) will be increased to KRW 720 billion this year, up from KRW 600 billion in the previous year.

Its guarantees provided for establishing a smart factory is going be increased to KRW 120 billion this year as well.

In addition, KOTEC will bolster the public investment support in relation to innovative growth.

It will make KRW 26 billion investment in new startups or companies located in the countryside which have difficulties in attracting investment.

A KOTEC official said "to support the 4th Industry area, we will prepare and run a program designed to nurture pre-Unicon companies, by identifying high-growth potential companies capable of creating jobs, in addition to existing support for startups".

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Source Text

Source: Yonhap News (February 20, 2019)

** This article was translated from Korean.

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