SEJONG, Jan. 25 (Korea Bizwire) – South Korea has created a 150 billion won (US$125.8 million) fund to help the local healthcare and cosmetics industries expand overseas and sharpen their competitiveness, the finance ministry said Monday.
The Ministry of Health and Welfare provided 30 billion won and 10 private institutions, including KB Investment Co., provided another 120 billion won, according to the Ministry of Strategy and Finance.
KB Investment and Solidus Investment Co. were picked as the managing firms of the fund, it added.
“The fund is aimed at boosting private investment in the healthcare industry and giving financial support to the pharmaceutical and medical equipment companies,” the finance ministry said in a release.
It will invest some 50 percent of its money into pharmaceutical and cosmetics firms and medical equipment manufacturers and 20 percent into medical institutions planning to go overseas.
The finance ministry said the fund will run for eight years to help fund managers take a long-term view in employing it.’