Park Geun-Hye, South Korea's president, has pledged to invest $3.7 billion in startups over the next three years to spark economic growth, AFP reports.
The President feels the spending will boost South Korea's economic growth rate four percent over the next few years. She also feels investing in startups will help younger people get jobs.
The government will also invest in research and development projects that aid South Korea's workforce.
"Unless we change the fundamentals of the economy and break from the trap of slow growth, there will be no future for us," she said.