Yozma Group, which operates global tech venture capital funds, said Tuesday it will open a startup support center in South Korea by the end of this year to help local ventures tap into overseas markets.

During a meeting with ICT Minister Choi Yang-hee, Yigal Erlich, who heads the Israeli investment firm, said the support center, set to be located in Pangyo, southeast of Seoul, will lend support to local ventures firms.

Around one year ago, the group unveiled a plan to invest 1 trillion won ($844 million) in South Korea through 2017 to help local startups through the Yozma Fund.

The Yozma Fund, created by the Israeli government and private investors in 1993, has invested in new venture capital funds and has a successful track record.

The Ministry of Science, ICT, and Future Planning said the new startup center will especially focus on fostering startups from the biotechnology and health care industries.

Startups will also get opportunities to expand their business network through the infrastructure held by Yozma, the ministry added.

The support center is scheduled to kick off in December. (Yonhap)