ΆΓ  Internet firms attract 4 times more foreign funds this year

Korea Herald 2000.11.30

Internet-related startups raised four times more foreign investment funds in the first nine months of this year than during the same period last year, according to data released yesterday.

The Ministry of Information and Communication and the Korea Internet Corporation Association said foreign investments stood at $616 million, up from $146 million for the same period last year, despite an overall sagging economy.

As a result, foreign investments in Korean information and technology firms, including Internet startups, totaled $2.2 billion for the same period. This was more than three times last year's $700 million.

A total of 364 online startups attracted foreign funds this year, up three times compared to last year's 115 companies. The number of IT firms nationwide which attracted foreign investments totaled 518, 2.5 times last year's figure.