Korean govt. lays out tasks to carry out 3-year economic innovation planUpdated: 2014-03-06 10:08:23 KST
A total of 59 detailed tasks will back up the Korean government's 3-year economic innovation plan.
Finance Minister Hyun Oh-seok said during an economy-related ministers' meeting on Wednesday that they focus on removing excessive red tape in the name of growth and bolstering sluggish corporate investment.
To accomplish the latter, and boost venture businesses, the government first plans to offer bigger tax breaks for so-called "angel investors" -- those who invest in start-ups.
For example, angel investors would not be taxed for investments of up to 15 million won, or roughly 14-thousand U.S. dollars starting next year through 2017.
The government also plans to provide financial support worth 880 million dollars for 5-hundred small- and medium-sized businesses every year starting in 2015.
Hyun said that the government is drawing up a package of measures aimed at easing regulations that hamper active participation of private equity funds in the mergers and acquisition market.
The government will go through the tasks in an economy-related ministers' meeting that takes place every week.
It will also set up a separate task force team to monitor how well the tasks are being achieved.
Hwang Ji-hye, Arirang News.
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