Report: South Korea plans $200B game fund

South Korea is perhaps best known within the industry for its multitude of online gaming companies. In addition to a number of regional publishers, the tiny nation plays home to such global gaming companies as Lineage II runners NCsoft and free-to-play aficionados Nexon. In the future, though, Korea's gaming industry may be in for expansive growth.

The Chosun Ilbo is reporting this week that South Korean Minister of Culture, Sports, and Tourism Yu In-chon has pledged to invest ₩350 billion ($235 million) in South Korea's game industry through 2012 as well as build yearly exports to W5 trillion ($3.36 billion). As per the report, Yu's commitment comes in the wake of the Korean game industry achieving its $1 billion export goal two years ahead of schedule.

The South Korean news outlet also reports that Yu has announced plans for 60 other gaming-related initiatives, including a $200 billion game fund with aims to establish Korea as one of the leading game producers in the world.