News in Brief from South Korea: Startups, business, economy, finance, technology & more

Korea’s startup ecosystem is a one of the fastest growing in the world. Global investors, partners and startups want to expand business in Korea.

koreatechdesk.com has been bringing news and highlights about startups and events in Korea, featuring promising startups, and now we want to give more to our readers. Check these headlines and news that happened recently in Korea’s business and economy sphere, which might interest you.

South Korea Ranks First Place Worldwide in Bloomberg Innovation Index

Source: Koreatechtoday.com

Bloomberg Innovation Index as of February 2021. (Bloomberg)

South Korea returned to first place in the latest Bloomberg Innovation Index, which is a list of the 60 most innovative countries in the world. Through analyzing dozens of criteria using seven equally weighted metrics, the Bloomberg index determines the ranking. “In the year of Covid and facing the urgency of climate change, the importance of innovation fundamentals only increases,” said Catherine Mann, Citigroup Inc.’s global chief economist. “Innovation is often measured by new ideas, new products, and new services,” she added. This year, the ranking reflects a country’s innovation, mainly in the government’s measures to address the ongoing pandemic.

 Korea to expand support for foreign firms, secure more investment

Source: The Korea Times

This could be good news for foreign businesses and investors in South Korea, as the government announced recently that it will expand support for foreign firms operating in the country to promote investment amid the pandemic, especially in the digital and green sectors in line with the country’s mega investment project, the New Deal initiative.

Photo credit: The Korea Times

“Despite the challenges from COVID-19, foreign investors have been expanding their presence in emerging areas including chips, biotechnology, eco-friendly cars and rechargeable batteries,” Trade Minister Yoo Myung-hee said in a message to the Korea Foreign Company Association (FORCA).

Seoul-based firms at CES 2021 raise $10.2 million in funds 

Source: Seoul Government (Twitter)

 Venture investment hits record high in 2020

Source: The Korea Herald

South Korea’s venture investment has hit a record high in 2020, as per an announcement by the Ministry of SMEs and Startups.

Despite the fallout from the coronavirus pandemic, the country’s investment in startups reached 4.30 trillion won ($3.89 billion) in 2020, adding 26.8 billion won, or 0.6 percent, from the previous year.

Support up to 60 million won to innovative start-up companies     

Source: Chosun Ilbo

For the startups and entrepreneurs, who failed to launch their enterprises the first time around, this could be the opportunity to re-start. Korea’s Ministry of SMEs and Startups announced on the 26th January that it is recruiting (preliminary) re-founders to participate in the ‘2021 Re-Challenge Success Package’ project. The’Re-Challenge Success Package’ is a project that supports re-startup education, expert mentoring, office space, and commercialization funds for prospective re-founders with a history of closure or companies within 3 or 7 years of re-starting. This year, around 180 people are selected.

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