South Korea and Japan have jointly created a venture fund for the first time. 

The Ministry of SMEs and Startups said that the two sides agreed to create the joint fund, worth 100 million U.S. dollars, during the Korea-Japan Venture Startup Investment Summit 2024 held on Friday in Tokyo. 

The fund will be financed by a fund of funds from South Korea, the Japan Investment Corporation and private investors in Japan. 

The envisioned fund is significant in that it is the first venture fund created jointly by the South Korean and Japanese governments with the aim of investing at least five million dollars in South Korean firms. 

The fund will not only serve to boost investment toward startups of the two countries but also will facilitate the two nations’ cooperation on venture investment policies. 

At the event the SMEs ministry also revealed for the first time its “K-Global Star” program which centers on introducing South Korean startup firms to foreign investors.