When comparing future national growth engines, the IT sector is expected to collect as much as two times more money from foreign countries than the energy section, but the biotechnology and green growth sectors are even more popular.
The government planned to attract US$140 million in foreign funds, out of an expected total of US$346.5 million, and it predicted IT funds would occupy over 57 percent of the total.
On March 15 the Ministry of Knowledge Economy (MKE) predicted that it could attract US$80 million in foreign capital by investing US$139 million into high-tech fusion funds such as IT fusion, broadcasting fusion, robotics, new composite materials, nanotechnology fusion, content, and software.
This is smaller than the green growth and biotechnology sector, however. The government plans an investment of US$417 million in green growth and biotechnology and expects foreign companies to follow suit by contributing an additional US$208.5 million.
The IT fund is entrusted to STIC Investments Inc. The company has attracted money from the Middle East and has already created a 150 million dollar fund which it has managed successfully.
The green growth fund is entrusted to the Korea Investment & Securities Co., Ltd. who has extensive experience in financing, the Korea Investment Partners Co., Ltd. who has earned large profits by investing in venture businesses, C Change Investments, and the LLC Consortium who has outstanding results in global markets.
The biotechnology fund is entrusted to KB Investment and the Burrill & Company Consortium.
An official from the MKE said: “We confirmed the domestic and foreign commitment to raise future industries, so we are going to discuss it with the budget authority to guarantee additional budget.”
A representative from the Korea Technology Transfer Center, the project subject, announced: “Selected companies will form funds for 90 days by June, and then are going to manage the funds.”
