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S. Korea to expand support, ease regulations to foster new businesses in 2020 Updated: 2020-02-17 15:03:30 KST

(Now the details of the economy ministries' policy report to President Moon)
The government will expand support and ease regulations to foster South Korea' new growth engines, such as the bio-industry, and help venture firms that are deemed innovative.
The report focuses on five pillars that include exploring new industries, securing innovative technology by boosting R&D, and further enhancing the efficiency of existing businesses.
15.8 trillion won, or about 13 billion dollars, will injected to achieve innovative growth for this year, which is up 46 percent from last year while 5.2 trillion won will be pumped into venture firms to expand the number of the so-called 'unicorn firms' companies worth more than 1 trillion won.
KOGL : Korea Open Government License
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