"Let's Grow Big Tech" European Countries Establish Trillion-Won Scale Public Funds
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[Asia Economy Reporter Park Byung-hee] Major foreign media reported on the 7th (local time) that European countries have decided to create public funds worth billions of euros to nurture European big tech companies.
Bruno Le Maire, France's Minister of Economy and Finance, stated on the same day, "To reduce dependence on overseas IT companies, strong financial support for IT startups within Europe is necessary," revealing this plan.
European countries plan to establish 10 to 20 funds worth at least 1 billion euros (approximately 1.4 trillion KRW) each, and ultimately aim to foster IT unicorns (startups valued at over 1 billion USD) in Europe with a total value exceeding 100 billion euros (about 140 trillion KRW) by 2030.
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The detailed composition of the funds is expected to be announced soon by the German Ministry of Finance. The German government has announced that it will invest 1 billion euros in this fund ahead of the specific announcement.
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