The government plans to create a startup fund worth more than one trillion won together with the private sector to make it easier to start businesses in South Korea.   

The Ministry of SMEs and Startups and Korea Venture Investment Corporation said on Wednesday that a 618 billion won worth “fund of funds” will be created through joint government funding. 

The fund will then be augmented by private investment into a one-point-two trillion worth “venture fund” by July. 

The ministry plans to contribute 435 billion won to the fund, while the rest of the government funding will come from five other ministries, including the Culture Ministry, Welfare Ministry and Labor Ministry.