April 19, 2024

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[THE INVESTOR] The government said on March 22 it will invest heavily in the renovation of old industrial complexes across the country in the coming years so they can serve as incubator venues for startups set up by young people.

The Ministry of Trade, Industry and Energy said it will put 132.8 billion won (US$124 million) into six industrial complexes this year to make them youth-friendly. The complexes will be created to help information technology and knowledge-based industry startups.

The ministry also plans to expand the number of the knowledge-based industrial centers to 1,100 by 2022 from the current 685 across the country with financial support, as well as deregulations by the government. These centers could attract over 2.4 trillion won of investment from the private sector.

The ministry expects the renovated industrial complexes to create about 22,000 new jobs for the young generation by 2022.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)