Business World to Establish a Venture Capital Fund

The Federatin of Korean Industries(FKI) announced on May 13 that it will establish a venture-capital company to support the venture industry by the end of this year at the earliest.
FKI made this decision at the monthly chairmen meeting in order to creat new jobs through raising the overall quality of the information industry.
The vice-president of FKI, Son Byung Doo, said, 'The company will be established through co-investment with the business sector and will invest into promising venture firms.'
Formalized operation plans are likely to be decided at next month's meeting.
The chairmen agreed on demanding that the government enacts a special law for solving any Y2K problems and the early establishment of the 'Committee for Strengthening National Competiveness' with the participation of both the government and private corporations.
FKI decided to hold an international seminar with business organizations from Japan and China on June 3 and 4 in Seoul to promote industrial cooperation and embody a proposed free-trade area among the three countries.
Regarding the general strikes they also agreed on keeping to their principles in the event the disputes violate internationally-accepted criteria.
FKI will dedicate 2 billion won to a project that will send fertilizer to North Korea for the promotion of economic cooperation between South and North.
Jooan Kang : jooan@joongang.co.kr