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Staying with government efforts to support smaller firms.
The finance chief unveiled plans to create a venture boom in Korea.
Kim Hyesung outlines what they are.
Finance minister Hong Nam-ki announced detailed plans on how the government intends to create a startup scale up fund worth 10 billion dollars and nurture 20 unicorn companies, start-up ventures valued over 885 million U.S. dollars, by 2022.
Currently, three billion dollars a year are funded for startups, and the goal is to increase that to four-point-four billion by 2022.
Around 575 million dollars of funding will be invested in new industries like biotech, AI and fintech.
"We will help find and nurture new industries and advanced technology. In the investment stage, the government will help attract private capital. In the scale up stage, we will help companies expand their businesses."
Then, in reinvestment stage, the government seeks to push for mergers and acquisitions to make it easier for venture capitalists to realize their earnings and make new investments.
Finance Minister Hong Nam-ki said that through support in each stage of the startup cycle... the government hopes to nurture innovation and create more jobs.
In addition, the government will support an industry cluster with high-tech facilities to nurture new industries like biohealth and fintech.
Venture related law will be revised to introduce disparate voting right stocks for unlisted companies and provide stock option tax exemption benefits to make it easier to attract private investment.
Lastly, innovation centers will be established in Seattle and New Delhi to help startups branch out globally.
Kim Hyesung, Arirang News.