"The support measures were drawn up after understanding that a startup is a solution to creating more jobs and stimulating the economy amid the fourth industrial revolution," Hong Nam-ki, vice-minister of ICT ministry, told reporters.

The ministry also plans to help local 500 startups advance to the global market.

"The ministry will work with other ministries to bring local startups global success and push forward with the support measures," Hong said.

Also, the ministry said it will help international entrepreneurs from across the world pitch their business ideas in South Korea. Last year, the ministry hosted the accelerator program K-Startup Grand Challenge, the first of its kind, to help foreign startups to begin their businesses here. 

The ministry has been making efforts to secure a new growth strategy to cope with the fast-paced industrial transformation, dubbed the fourth industrial revolution, that is characterized by various cutting-edge information technologies.

The ministry said it will continue to nurture startups at 17 "creative economy innovation centers" across the country. The main goal of the centers is to match up local startups and venture firms with conglomerates, which can provide resources to smaller companies so that they can turn creative ideas into real business opportunities. The centers have also provided various kinds of support to aspiring entrepreneurs both at home and abroad.

The government said it also extended a variety of tax incentives as part of its efforts to help small but innovative companies as the venture capital market in South Korea has been in the doldrums since the IT boom ended in the mid-2000s. (Yonhap)