South Korea's telecommunications regulator said Tuesday it had signed an agreement with Google Inc. for the Internet giant to help nurture local start-ups and promote their advances into overseas markets.
Under the memorandum of understanding, Google will help develop ideas and services and provide start-ups with personnel and funding, the Korea Communications Commission (KCC) said.
Google will also help such start-ups in tapping into overseas markets by providing them with chances to exchange with tech firms in Silicon Valley.
Google reportedly plans to make an initial investment of some $1 million in a venture fund operated by KCC's Korea Internet & Security Agency, according to Moneytoday, a South Korean Internet news provider.
David John Collins, vice president of Google's global communications and public affairs, told journalists that his company sees Korea as "an important strategic" market and seeks long-term investment in the country.
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