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According to Yonhap News,
(SEOUL=Yonhap News) Investments in startups reached a record-high 745 billion won (US$641 million) in the first quarter of the year mainly on the back of the government's ongoing efforts to nurture aspiring entrepreneurs, data showed Tuesday.
The amount is up 16.9 percent from 638 billion won tallied a year earlier, according to the data from the Ministry of Small and Medium-sized Enterprises (SMEs) and Startups.
The stellar figure was due to the 4.7 trillion-won fund set up in 2017 for startup investments, which has spearheaded sharp growth, the ministry said.
The surge in venture investments is in line with the government's ongoing efforts to develop new growth engines and support smaller firms. President Moon Jae-in has vowed increased support for venture firms as the key driver of innovation and growth.
The ministry expects this year's investments in total to reach 4 trillion won, far surpassing last year's record high of 3.4 trillion won.
The ministry said 40 percent of the investments were made into companies between three and seven years old during the cited period.
By sector, the ICT service accounted for 22.5 percent of the total investments, followed by biotechnology with 23.1 percent, the ministry said.
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Source: Yonhap News (April 30, 2019)