Seoul, March 30, 2017
- IFC, a member of the World Bank Group, today organized IFC Innovation Day. The event brought together Korean technology investors, innovators, and executives, who shared insights and strategies on the challenges and opportunities presented by the Fourth Industrial Revolution and how Korean startups can tap into global growth opportunities.
Last year, Korea rolled out plans for a new growth strategy to cope with the fast-paced Fourth Industrial Revolution—the fusion of technologies that incorporates the physical, digital, and biological spheres. Korea’s well-developed information and communications-technology sector and truly diverse industry base places it in a unique position to provide cross-cutting solutions and technologies in healthcare, education, trade, renewable energy, energy storage, and other areas key to domestic and global growth.
Cross-cutting technologies are creating new market segments and new business models while improving productivity and efficiency at unprecedented speeds. The more people an innovator can help, the better her/his chances of success and profitability. Emerging markets are essential for Korea’s plans to embrace the Fourth Industrial Revolution.
“Korean companies need to seize the opportunities presented by the global markets,” said Vivek Pathak, IFC Director of East Asia and Pacific. “We will work with Korean investors and innovators in supporting the country’s digital revolution and to helping Korea bring cutting-edge solutions to new markets.”
IFC is a leader in spurring innovation through technology in emerging markets and has actively invested in early-stage technologies since the early 2000s. IFC supports entrepreneurship and innovation by investing directly in technology companies and indirectly by investing in local fund managers, incubators, and seed-funding mechanisms. To date, IFC’s total investment in new technology is over $1 billion.
In Korea, since 1969, IFC has invested around $2.6 billion on its own account and mobilized another $4 billion for over 80 projects, while helping Korean sponsors invest in developing countries globally.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our six decades of experience to create opportunity where it’s needed most. In FY16, our long-term investments in developing countries rose to nearly $19 billion, leveraging our capital, expertise and influence to help the private sector end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
.
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