The conference, the 12th of its kind, has grown from a 200-person event to one of the leading global technology events, bringing together 15,000 attendees daily.

Thirty-one local startups will take part in the event by joining hands with a total of 11 local government departments and state-run technology institutions, the Ministry of Science, ICT and Future Planning said.

Noticeably, South Korea will set up a booth at the venue to hold a event called the "K-Startup Global Roadshow" in which the latest innovative products and technology by the local startups will be displayed, the ministry said.

"The participation of local startups at the TNW Conference is the result of the government's effort to help local startups expand into the global market, especially the European market," said Koh Kyeong-mo, an ICT official in charge of policy setting.

The participation by local companies is part of the Seoul government's measure to nurture startups and venture firms in the science and technology sectors to secure new growth engines and to eventually create more jobs for the country's young people.

Earlier, the ministry announced that it will assist young entrepreneurs from startups to gain access to the global market.

Among the support measures is to establish a 3 trillion-won ($2.7 billion) fund to help young jobseekers launch 50,000 new startups.

On the sidelines of the event, South Korean government officials will hold a meeting with Prince Constantijn of the Netherlands to discuss the startup ecosystems of the two countries.

As a member of the royal family, the prince currently serves as a startup ambassador to support aspiring entrepreneurs and to bring more promising foreign startups to Dutch soil. (Yonhap)