South Korean government to invest $400mn in Seoul startup scene


South Korea will invest $400mn (approx. £264mn) in local startups, according to a government statement released today.

The Ministry of Trade, Industry and Energy said it would be funding “new and indigenous products and technologies that will help boost the country’s economy and exports.”

This latest push follows President Park Geun-hye’s previous commitments to the burgeoning South Korean tech scene, investing KRW 2.17trn ($1.97 bn) last year, and KRW 2,25trn ($2.04bn) in 2013.

Of the $400mn promised to startups in the region, KRW 194bn ($176mn) is to be directed at 13 industrial ‘growth engines’ including smart wearables, self-driving cars, and drones.

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