South Korea will inject a total of 38.6 billion won ($33.9 million) over the next two years to support local small and mid-size software firms become more globally competitive, the ICT ministry said Sunday.
Under the so-called Global Creative Software project spearheaded by the Ministry of Science, ICT and Future Planning, 16 companies in various software sectors such as security and system software will receive support.
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The government has been making various efforts to assist promising software developers prove their technological competence in the domestic market. The market is forecast to expand to 100 trillion won this year from 31.2 trillion won in 2012.
"The ministry hopes that the selected software firms will successfully make headway in the global market so that they can become big names in this field," said Lee Sang-hak, an ICT ministry official in charge of the project.
The ministry will not only help the firms in developing core technology but also offer assistance in product management so the results of their research can lead to an increase in sales.
The country's gross domestic product growth came to 2.6 percent in 2015 while production and exports of the software businesses increased 34.6 percent on-year, the ministry data showed. (Yonhap)
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