[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 (firstname.lastname@example.org)