Google Inc. will help the global success of Korean IT developers as the California-based search giant agreed on Tuesday to participate in the Korean government’s program supporting Internet startup businesses here.

Google and the Korea Communications Commission signed a memorandum of understanding on Tuesday to cooperate for the state telecom regulator's  startup support program called “Global K-Startup Program.”

The agreement came after President Lee Myung-bak and Google chairman Eric Schmidt met in November in Seoul.

Google will be the only foreign company to join the program, with its initial investment estimated to be worth $1 million. The company declined to comment on further investment plans in Korea.

“This is the first program initiative of its kind done by Google anywhere in the world,” said David John Collins, vice president of communication and public affairs at Google.

“Korean developers are among the most advanced in the world. We hope to help them increase their impact internationally,” he said, adding that global companies always have a great interest in the Korean market.

The support from Google will be more focused on the global businesses of Korean venture companies such as partnerships with foreign companies and PR activities, the company said. It also plans to dispatch its own engineers to educate Korean developers.

“Google also started as a small business of the two founders 12 to 13 years ago. So we consider the concept of a startup company very seriously,” said Doug Yeum, managing director of Google Korea.

“A startup company works with a hope in the United States. We want to create such an environment in Korea as well.”

According to the KCC, the selection process of potential candidates for the program will be carried out until November, with more detailed programs to be finalized early February. 

By Lee Ji-yoon (jylee@heraldcorp.com)