Hong Nam-ki "Expand Startup Complex Financing to 3 Trillion Won by Next Year... Create 20,000 Jobs" (Comprehensive)

Additional Measures for Women and Youth Employment in Q1 This Year

[Image source=Yonhap News]

[Asia Economy Reporters Kwangho Lee and Sehee Jang] The government has decided to secure funds worth 3 trillion won by next year to support ventures and startups.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, stated at the 'Emergency Economic Central Countermeasures Headquarters Meeting and Korean New Deal Ministerial Meeting' held at the Government Seoul Office on the 13th, "Excluding intangible assets such as technology, we will expand complex financing combining investment, loans, and guarantees to the scale of 3 trillion won by 2022 to resolve difficulties faced by companies without collateral." The government expects to create about 20,000 jobs by concentrating funds on approximately 3,000 ventures and startups.

Regarding the globalization strategy of the Korean New Deal, he expressed, "In the Green New Deal sector, we will make every effort to expand overseas orders for green energy from 15GW in 2019 to 30GW (cumulative) by 2025."

He added, "In the Digital New Deal sector, we will devote all efforts to expanding digital exports, which combine ICT manufacturing and service exports, from 180 billion dollars in 2019 to 250 billion dollars by 2025."

To this end, the government plans to significantly strengthen the support base by establishing a 200 billion won global venture fund and a 30 billion won fund exclusively for digital export companies this year, and expanding full-cycle overseas expansion support for ICT solution export companies to 1,000 firms.

Regarding the December employment trend announced that day, Deputy Prime Minister Hong said, "Due to the employment shock caused by COVID-19, the resilience of the employment market has significantly weakened, and considering the base effect from early last year, difficult employment conditions are expected to continue through January and February." Accordingly, the government will introduce additional measures for youth and women employment in the first quarter of this year.

This content was produced with the assistance of AI translation services.