Samsung Electronics Co., South Korea's No. 1 tech giant, said Saturday it plans to inject US$5 million into Brazil over the next five years to foster startups there, adding it will also share its business know-how.
Under the agreement with the Brazilian Association of Science Parks and Business Incubators, an organization that supports startups, Samsung will share the "creative economy business models" with Brazilian firms and provide necessary support so that they can generate stable profits.
The deal will also pave the way for South Korean firms to join forces with Brazilian startups and seek mutual benefits, the company said.
Samsung Group is one of the latest South Korean conglomerates to participate in the South Korean government's creative economy policy that seeks to generate new business opportunities and jobs by integrating information technology with other industries.
In February, Samsung also said it will use 90 billion won ($83.3 million) to build the Daegu-Samsung Creative Economy Zone in the city 302 kilometers southeast of Seoul, and provide consulting and other support to South Korean startups as well. (Yonhap)
