SEOUL, March 27 (Korea Bizwire) – South Korea will establish a 113.5 billion-won (US$101.8 million) fund to nurture startups and venture firms in the bio sector to secure new growth engines, the science ministry said Monday.
Under the comprehensive plan finalized during a government meeting presided over by Acting President and Prime Minister Hwang Kyo-ahn, the fund will be floated to help young jobseekers launch new startups and develop new bio technology, the Ministry of Science, ICT and Future Planning said.
The ministry said it will partner with the Small and Medium Business Administration and the Ministry of Trade, Industry and Energy to nurture the fund that is aimed at bringing more investment and creating more jobs.
The fund will focus on establishing infrastructure and help them in research and development (R&D), ministry officials said.
“The government should push forward with measures to nurture startups, which are aimed at revitalizing the economy and creating more jobs,” Hwang said.
The ministry has been making efforts to nurture the bio sector, which is viewed as the nation’s next growth engine after IT. South Korea aims to become a global biotech and medical industry hub going forward.