By Jo Jae-hee
April 24, 2018 12:55
Investment in start-up businesses surpassed W600 billion in the first quarter of this year (US$1=W1,075).
That was a whopping 56.6 percent increase from W405.4 billion in the first quarter of last year to W634.8 billion this January to March, according to the Ministry of SMEs and Start-ups on Monday.
New funds established in the first quarter to help nurture entrepreneurs amounted to W993.4 billion, up 46.7 percent on-year.
"Usually not much investment is made in the first quarter due to the Lunar New Year holiday and busy schedules, but this year the amount already almost reached the level seen in the third quarter of last year, when it hit a record W729.8 billion," a ministry official said. "That was partly because the government injected W800 billion in venture support funds in the second half of last year."
Investment in the IT and biotech sectors rose by around W100 billion each from a year earlier.
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