Government to Invest 240 Billion KRW in Supporting ICT Innovative Companies through 'K-Global Project'

Ministry of Science and ICT Holds Public-Private Joint Briefing
Discovering and Nurturing Digital Innovation Companies in the ICT Sector
Strengthening Overseas Expansion... Providing Funds and Policy Financing

The government is investing a budget of 240 billion KRW in the 'K-Global Project' to support the global expansion of digital innovation companies.

The Ministry of Science and ICT held a joint public-private briefing session for the K-Global Project, which integrates support programs for startups in the digital sector, on the 21st at El Tower in Yangjae-dong, Seoul.

The K-Global Project, which supports startups and venture companies in the ICT sector, will allocate a total budget of 241.5 billion KRW across 38 projects this year. Public institutions under the Ministry of Science and ICT and 18 private companies will jointly discover and nurture digital innovation companies. In particular, this year, specialized support by technology fields such as artificial intelligence (AI) and cloud computing has been strengthened along with support for overseas expansion.

Funds exceeding 70 billion KRW will be established for digital technology sectors including cybersecurity and Software as a Service (SaaS), along with a new sub-fund worth 150 billion KRW to support the global expansion of digital innovation companies. Additionally, a total of 4.5 trillion KRW in policy finance, including loans and guarantees, will be supplied to the digital sector. The projects are categorized into five types: 'Mentoring & Consulting,' 'Overseas Expansion,' 'Scale-up,' 'Infrastructure,' and 'Digital Resources.'

The joint public-private briefing session included participation from 10 companies such as POSCO, Hana Bank, Hanwha Life, Asan Nanum Foundation, Kakao Ventures, Google, SK Telecom, Korea Credit Guarantee Fund, SGI Seoul Guarantee, and Korea Telecommunications Operators Association (KTOA). Booth consultations by participating institutions and companies were provided to enhance the understanding of the projects among demand companies and support networking.

Park Yoon-kyu, the 2nd Vice Minister of the Ministry of Science and ICT, stated, "We are promoting the K-Global Project in cooperation with the private sector so that digital innovation companies can easily utilize public and private support programs necessary for growth and leap forward." He added, "We will continue to work closely with the private sector to revitalize the digital innovation ecosystem and expand bold and speedy support."