President Park Geun-hye pledged Wednesday to help South Korean startups make inroads into the Chinese market, citing growing consumption in one of the world's fastest growing economies.
  

China has become South Korea's largest trading partner, overtaking the United States.
  

The innovation center in Incheon "will support local startups' entry into the Chinese market by putting in place a program designed to strengthen exchange and cooperation with China," Park said as she opened the latest innovation center in the port city, just west of Seoul.
  

The innovation center is the 17th of its kind and the last one that has been planned.
  

South Korea has set up such centers across the country to match up local startups and venture firms with conglomerates, known here as chaebol, which can provide resources to smaller companies so that they can turn creative ideas into real businesses.
  

Hanjin Group, the operator of South Korea's No. 1 airline Korean Air Lines Co., pledged to support the latest innovation center in Incheon.
  

Hanjin, the Incheon metropolitan government and state-managed funds, will provide a total of 159 billion won ($138 million) to local startups to help them make inroads into the Chinese market, according to Cheong Wa Dae, South Korea's presidential office.
  

The financial assistance will also be offered to nurture venture firms in such fields as smart logistics and maintenance of airplane parts, according to the presidential office. (Yonhap)