In a bid to create jobs in the private sector, the government and the ruling camp plan to support innovative startups and actively foster social ventures. 

The decision came on Monday during a meeting between Democratic Party(DP) lawmakers and vice ministers of four related ministries, including the ministries of finance, land, industry and small firms. 

As part of efforts to revitalize innovative startups, the two sides decided to hold a global competition to discover key figures that have set up their own businesses and also create an innovative startups’ cluster. 

The two sides also decided to provide up to 100 million won in funds to social ventures that excel in innovation and to set up a so-called “social impact fund” worth 120 billion won this year for investments in social ventures. 

To create jobs related to land and transportation, the government and the DP will lease three-thousand homes with rent lower than market price to startup owners. They will also provide social infrastructure, including stores in railway stations and resting areas on highways, as spaces for startups set up by youths.