SEOUL, Feb. 17 (Korea Bizwire) – South Korea on Friday announced a plan to nurture 100 ‘star’ venture firms in the science and technology sectors by 2020 to secure new economic growth engines.
The Ministry of Science, ICT and Future Planning reported a set of measures to Acting President and Prime Minister Hwang Kyo-ahn to help young jobseekers advance their new businesses to the global market. The measures are aimed at bringing more investment and eventually creating more jobs for the youth, the ministry said.
“Startups are a breakthrough in economic recovery and a way to bring new jobs,” Hwang said during the meeting. “The government will make efforts and pay attention to creating an atmosphere so that anyone can start a business.”
Also, the ministry said it will help local entrepreneurs pitch their business ideas at major tech events such as the Consumer Electronics Show (CES) and the Mobile World Congress (MWC).
The ministry said it will also hold events related to startups in the country a total of 50 times during the first half of 2017.
Last year, the ministry hosted the accelerator program K-Startup Grand Challenge, the first of its kind, to help foreign startups begin their businesses here.
The ministry has been making efforts to secure a new growth strategy to cope with the fast-paced industrial transformation, dubbed the fourth industrial revolution, that is characterized by various cutting-edge information technologies.
The ministry said it will continue to nurture startups at 17 “creative economy innovation centers” across the country. The main goal of the centers is to match up local startups and venture firms with conglomerates, which can provide resources to smaller companies so that they can turn creative ideas into real business opportunities.