South Korea said Wednesday it plans to come up with tax incentives and other measures to foster venture companies.
The move came as the combined investment in venture companies came to 871.5 billion won (US$681 million) in the first quarter of 2023, down 60.3 percent from a year earlier, according to the Ministry of Economy and Finance.
“The government remains committed to strengthening the venture company ecosystem, recognizing that startups and exports are two fundamental pillars of the South Korean economy,” Finance Minister Choo Kyung-ho said during a meeting with officials from local venture firms.
“In the second half, we plan to announce policy measures that will help South Korea emerge as the global hub for startups and help local firms penetrate the global market while attracting quality workforces from overseas.”
During the meeting, business officials requested the government come up with tax incentives, considering the latest challenges in the global economy, along with eased regulations in the online platform sector.
The financial minister replied that South Korea will review various measures and avoid blind spots in related policies.
Source: Yonhap News Agency