S. Korea to raise W400b for tech innovation fund

South Korea said Monday it plans to raise 400 billion won ($354 million) through 2024 to support businesses seeking to innovate their products and services by utilizing high-end technologies.

The first batch of the digital technology innovation fund, amounting to 102 billion won, will be rolled out throughout this year, according to the Ministry of Trade, Industry and Energy.

The amount surpassed the original target of 80 billion won.

The fund, raised jointly by the public and private financial institutions, will be used to help businesses harnessing artificial intelligence, Internet of Things, cloud computing, big data and mobile technologies.

It will be managed by L&S Venture Capital and KDB Capital Corp.

"The project will help South Korea cope with the changing environment in the global supply chain amid the fourth industrial revolution and the COVID-19 pandemic," the ministry said in a statement.

South Korea plans to raise an additional 80 billion won this year. (Yonhap)