South Korea planned to unveil a set of measures to boost venture companies in a bid to help them create jobs and bolster economic growth, the nation's top economic policymaker said Wednesday.
"(The government) planned to draw up diverse policy measures to create ecosystem for venture companies that can induce venture capital and cause brisk business startups," Finance Minister Hyun Oh-seok said at a meeting in Seoul with heads of small startups.
Hyun noted that the government launched various stimulus measures such as property market-boosting measures, supplementary budget and investment-stimulating plans, saying that the next step would be focused on startup businesses that will lead the creative economy, reported Xinhua.
The South Korean government under President Park Geun-hye has been seeking to create jobs through the so-called "creative economy" where information and communications technology (ICT) will be applied to all industrial sectors.
The government anticipated the convergence between ICT and industries would create new types of jobs, while predicting brisk startups of venture companies would serve to boost economic growth and job creation.
Hyun said various measures such as financial support and tax benefits would be offered to venture firms in a bid to expand venture capital that invest in startup businesses, noting that the so-called KONEX will be launched to enhance access of venture firms to the capital market.
The Korea New Exchange (KONEX) was planned to be launched within this year to provide better access to the equity capital market for startups and growth companies. Here in Seoul, small firms relied heavily on bank loans to raise funds necessary for investment and operation, increasing burden for interest payment.
You’ve hit your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app