Minister of SMEs and Startups Park Young-sun has pledged as much as ten billion won in policy funds for companies holding high growth potential in the fields of medicine, medical equipment and biotechnology.
She unveiled the plan during a startup-related meeting held at a biotech firm in southern Seoul on Thursday.
Park said that businesses related to the prevention and treatment of the new coronavirus will receive preferential treatment in government support for startups.
She noted the latest outbreak has called for the need to foster startup firms in these areas and that the crisis can serve as an opportunity for Korea to advance its prowess in biotechnology.
The minister promised 600 million won in aid over three years to raise up startups in the bio sector and another 600 million to support research and development.