Korea digs Pangyo Creative Economy Valley

The government has earmarked KrW180 trillion ($166bn) this year to foster a startup ecosystem, new industries and markets with growth potential.

Choi Kyung-hwan, Korea's deputy Prime Minister, said the government would set up the so-called Pangyo Creative Economy Valley by the summer of 2017.

The government has earmarked KrW180 trillion ($166bn) this year to foster a startup ecosystem, new industries and markets with growth potential, while private venture capital funding passed KrW1.6 trillion last year, according to data from the Korea Venture Capital Association. 

Korea’s Small and Medium Business Administration earmarked KrW2bn last year to support about 40 teams of ethnic overseas Koreans or international students who studied in Korea, allowing up to KrW50m per startup.

In 2013, the Ministry of Strategy and Finance announced tax benefits for angel investors, expanding the type of businesses eligible for tax deductions and a fund matching system.

See more from this Government Report: South Korea

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