Korea annouces 27 billion dollar plan to nurture innovative startups

정부, '혁신창업 생태계 조성 방안' 발표

Innovation in the private sector, with an emphasis on startups.
One of the main pillars of President Moon's plan to fuel economic growth.
Today, the nation's Finance chief announced plans to help new businesses invest and grow.
Kim Hyesung outlines what they are.
A new plan to nurture innovative startups.
The Korean government has unveiled its three year plan, investing 30 trillion won, or 27 billion U.S. dollars, to help startups in the country.
At a ministerial meeting Thursday, Finance Minister Kim Dong-yeon said the government will help create a second venture boom through startups led by the private sector.
It comes in three main parts.
The government will expand venture funds and create a venture-friendly environment to build a virtuous cycle of start-ups and investment.
There will be a nine billion dollar innovative venture fund for start-ups, and another 18 billion dollar lending program that's funded by state policy lenders, such as the Korea Technology Finance Corporation.
The fund will loan money to companies for mergers and acquisitions, and for investment in equipment.
The government will also offer tax breaks.
For instance, startups can get tax exemptions on profits gained from stock options.
And to help make it easier for start-ups to acquire enough initial capital, the government will ease crowdfunding regulations.
Kim Hyesung, Arirang News.

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