Thursday, November 12, 2015

Wake up "Silicon Valley", South Korea Prepares Rp 915 Trillion

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The South Korean government set up a fund of 80 trillion won, equivalent to Rp 917 trillion in order to develop local and foreign startups in the country.

Startup investment activities concentrated into Pangyo city, which is located in southern Seoul. During this time the city was already known as the "Silicon Valley" of South Korea and is home to the tech giant Cocoa and Nexon.

As reported by ColekcolekTekno of ZDNet, Monday (01/18/2016), the State Ginseng development plan was announced by the Minister of Science, Information and Planning the Future of South Korea in a report to President Park Geun-hye.

They divide the funds into several posts, namely direct investment amounted to 8 trillion won, equivalent to Rp 91.5 trillion, loans amounted to 49 trillion won, equivalent to Rp 560 trillion, as well as a deposit of 23 trillion won, equivalent to Rp 263 trillion.

This investment will help South Korea build a startup in the city center Pangyo and encourage them to expand outside the country.

But not limited to their investment in the local digital pioneering effort. South Korea will also provide assistance and administrative keuandan on people or foreigners startup.

The effort will be supported, among others, related to the field of IT, robotics, biology, health, smart cars, new energy and raw materials.

In addition, South Korea will also build a cultural center as well as content hologam, virtual reality (VR), computer graphics and 3D media in the city of Sangam, Seoul.