South Korea’s Ministry of Science, ICT and Future Planning will set up a 113.5bn won ($102m) fund for startups and VC firms in the biotechnology sector, according to the South Korea Herald.

The fund, which will be managedby the Small and Medium Business Administration and the Ministry of Trade, will focus on establishing infrastructure and help in R&D.

Hwang Kyo-ahn, acting president and prime minister, said: “The government should push forward with measures to nurture startups, which are aimed at revitalising the economy and creating more jobs.”