October 19, 2014 | The Finance Ministry of the Government of South Korea announced that it will partner with the Yozma Group, an Israeli company that specializes in venture capital creation. The goal of the partnership is to foster the creation of startups in South Korea and to help the government realize its vision of a creative economy. According to the partnership, Yozma Group will open up a South Korean branch of its company within the next year and it will be charged with investing $939 million over the next three years. According to the company, “We successfully boosted Israel into a venture power through a series of Yozma funds, and we plan to share such experience to help Korea become Asia’s venture hub.” Yozma Group will reportedly hunt out the next ‘Samsung’ in South Korea’s communications and information technologies sector and see to such a company’s expansion over seas. Yozma Group was founded in 1993 to support foreign venture capital investments in Israel.