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S. Korea to increase support of startups' overseas expansion

The signboard of the Ministry of Economy and Finance (MOEF)
The signboard of the Ministry of Economy and Finance (MOEF)
South Korea said Monday it plans to increase support for overseas expansion by startups and smaller firms as part of efforts to strengthen its ties with Southeastern Asian countries and nations in Eurasia.

The government plans to further promote economic cooperation with the 10-member states of the Association of Southeast Asian Nations (ASEAN) and Europe based on the outcome of summit diplomacy with such nations, according to the Ministry of Economy and Finance.

The country will pursue cooperative projects for venture firms in the green energy and digital fields through policy dialogue channels with the ASEAN and Europe.

The government will pick more than 100 promising startups every year to support their global outreach in specialized sectors, including fintech and cultural contents. It also plans to further create funds with Singapore and Vietnam to back smaller companies' overseas forays.

The move is part of the Moon Jae-in administration's efforts to implement its signature New Southern Policy and New Northern Policy.

The New Southern Policy is aimed at strengthening Seoul's strategic ties with the ASEAN. India is another key partner in the drive. The New Northern Policy is designed to improve South Korea's partnerships with Russia and other countries located north of the peninsula. (Yonhap)