SEOUL, Nov. 30 (Korea Bizwire) – The government said Thursday it will launch a state investment fund worth 4 trillion won (US$3.7 billion) next year for startups, in a fresh move to support young entrepreneurs in emerging industries.
Officials at the Financial Services Commission (FSC) said the state-run Korea Development Bank will invest 850 billion won into the fund next year.
The government will inject another 300 billion won into the fund.
The remaining 2.85 trillion won will be raised from the private sector, FSC officials said.
To promote venture capital funding, the lifeblood of technology startups, by the private sector, the government plans to ease some regulations on investment, the FSC said in a statement.
The government will also soften restrictions for private investors so startups can easily raise funds, it said.