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

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. STT reinforces Armor with $89m investment

    April 06, 2017

  2. UK to review tax breaks

    April 03, 2017

  3. BDC helps accelerate Calgary startups

    April 13, 2017

  4. Tianjin City launches $17.4bn fund

    April 13, 2017

  5. Arralis appears on Hong Kong-based consortium’s radar

    April 05, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events