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Singapore Government and Venture Capitals to Invest Some 100 Million Dollars in Korea

Singapore Government and Venture Capitals to Invest Some 100 Million Dollars in Korea

Posted March. 27, 2002 09:16,   


Singapore government along with 10 private venture capitals will invest some 100 million dollars in Korean venture enterprises.

It is unprecedented that foreign government and venture capitals invest massive funds in domestic venture enterprises, which is evaluated to be a chance for confirming the fame of domestic information technology and venture industry.

Singapore embassy in Korea on the 26th said, “5 governmental figures including Teo Ming Kian Chairman of Singapore Economic Development Board (EBD) and 14 representatives of private venture capitals will visit Venture Incubation Center at Daedeok Valley in Daejeon on April 2nd, and decide massive investment at the briefing for investment. ”

Singapore EDB is the governmental institute that invest national budget in prospecting industries in and out of the country and attract excellent foreign companies into the country. This investment body includes national venture capital holding company TIF, which manages the budget of government amounting 1 billion dollars or 1 trillion and 300 billion won under EDB.

Lee Seung-Bok representative of CDC Korea, domestic consulting company, which will play the role of window for selecting the objects of investment, said, “the investment body will screen some 10 companies of high technology among the venture enterprises placed at the foundation incubation centers like Korea Advanced Institute of Science and Technology (KAIST) and Electronics and Telecommunications Research Institute (ETRI) in Daedeok Valley.” Representative Lee added, “it will extend the objects of investment to all the venture enterprises in Korea step by step, and will invest 50 million dollars or 65 billion won this year, some 100 million dollars in 2 or 3 years in Korea. ”

Oh Kee-Woong Chief of the Venture Business Promotion Division in Small and Medium Business Administration (SMBA) stressed, “Singapore government paid attention to the fact that Korea is escaping from economic crises more quickly than other Asian countries depending on IT industry. The success of attracting foreign investment might be a chance for domestic venture business to advance into the world. ”

Meanwhile, SMBA and Singapore EDB had announced on the 21st the establishment of the joint investment funds for Korean venture companies advancing into Singapore.

Jeong-Hun Park sunshade@donga.com