April 27, 2024

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[THE INVESTOR] Korea said on Jan. 11 it will nurture more than 10 unicorns on artificial intelligence in an ambitious project to secure a new growth engine.

Lee Ho-seung, the first vice minister of economy and finance, made the announcement in a meeting with officials on innovation-led growth in Seoul.

He did not provide further details on how the goal would be achieved.

A unicorn company is a startup with a valuation of US$1 billion or more.

Lee also said the government will provide support to the “hydrogen economy” to ensure Korea can maintain its technological edge.

 On Jan. 10, President Moon Jae-in said the government will spend 1.5 trillion won (US$1.3 billion) on data, artificial intelligence and the “hydrogen economy” to stimulate overall economic growth.

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