경제소식 (Economic News)

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작성자 까마 (121.♡.87.158) 댓글 0건 조회 82회 작성일 22-11-05 12:42

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[KOREAN ECONOMIC NEWS] Good morning everyone I am  Rumi Dhar from Kama Group.
Here I have important KOREAN economic news to share with you which is as mentioned
below.

The Ministry of SMEs and Startups said Friday that it will expand its funding for venture
capitals’ investment in startups to a total of 8 trillion won ($5.6 billion) by 2026 to spur
startups’ growth.

“Battered by inflation, high interest rates and a strong US dollar, investments into Korean
startups are slowing down,” said SMEs and Startups Minister Lee Young. “The country needs
a more dynamic ecosystem to boost the startup industry led by the private sector and
supported by the government.”

Of the 8 trillion won, the ministry said it will create a new private-led “venture funds of
funds,” a pooled investment fund worth around 400 billion won-500 billion won set up by
venture capitals who invest in other venture funds.

“Combining the venture funds under the funds of funds, private investment will increase by
1.5 trillion won,” Lee said during a briefing.

Compared to government-led venture funds of funds, Lee said those operated by venture
capitals will be more profitable and stable.

As a means to encourage participation from the private sector, the government will give an
8 percent tax credit and an exemption on the value-added tax to venture capitals and asset
management firms who set up the new funds.

In order to support the startups’ entry to global markets, the ministry plans to create new
“global funds” from the Middle East and Europe. Foreign venture capitals can use the global
funds to invest in promising Korean startups.

Lee hinted that the ministry will be networking with Saudi Arabia’s Investment Minister
Khalid A. Al-Falih in the upcoming startup festival event Comeup 2022 slated for next
week in Seoul.



Read more at: https://www.koreaherald.com/view.php?ud=20221104000548&np=1&mp=1

KAMA GROUP
New Delhi
Have a nice day 

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