Updated March. 10, 2014 03:08
The government has decided to pour 4 trillion won (3.76 billion U.S. dollars) into nurturing venture start-ups by 2017.
The government held the first government-business council meeting chaired by Finance Minister Hyun Oh-seok in Seoul on Friday to discuss ways to put President Park Geun-hye`s "creative economy" initiative into practice. Attendees included ministers and vice ministers of eight ministries and heads of eight business organizations.
Initially, the government-business council was to involve Science, ICT and Future Planning Minister Choi Mun-kee and heads of five business organizations. But it was upgraded late last year to a council led by the finance minister, who is also serving as the deputy prime minister. Hyun said at the meeting that the government will invest 4 trillion won (3.8 billion U.S. dollars) into venture start-ups by 2017 to reinvigorate the local economy. "The government will also proactively help nurture future industries with private business at the center," he noted.
The government plans to set up "innovation centers for creative economy" in 17 metropolitan cities and provinces across the country that would serve as incubators for venture start-ups, starting with one in Daejeon in March and another one in Daegu in April.