The measures were prepared to vitalise venture business investments, which had been shrinking amid high inflation and rising interest rates and were not expected to recover in the near future, the Financial Services Commission and Ministry of SMEs and Startups said in a joint statement.
The government plans to provide an additional 10.5 trillion won ($7.91 billion) worth of financial support through policy funds, loans and research and development assistance, on top of the 80 trillion won package announced earlier the year. Several financial regulations will also be eased to promote investment in the private sector, such as those on corporate venture capital and venture fund investments for banks, the government said in the statement. ($1 = 1,326.8900 won) (Reporting by Jihoon Lee Editing by Shri Navaratnam)
