President Yoon “Building and supporting a private-centered startup ecosystem

President Yoon Seok-yeol presided over the ‘Startup Korea Strategy Meeting’ to promote domestic startups at the Blue House Guesthouse on the morning of the 30th.

The President’s Office said in a press release that this meeting was prepared to discuss the government’s joint Startup Korea vision and implementation strategy and to discuss growth strategies for venture companies and startups through a joint public-private partnership.

At the meeting, President Yoon said, “Ventures and startups are the driving force of innovation amid the complex crises and challenges facing the world,” and “We will build and support a private-centered startup ecosystem.”

Young Lee, Minister of SMEs and Startups, announced the Startup Korea Promotion Strategy.

This strategy included promoting bold global challenges, creating a global startup hub, promoting private venture investment, revitalizing regional startup clusters, supplementing the local venture investment environment, activating open innovation to foster deep tech startups, and improving regulations.

In particular, a plan was proposed to establish ‘Global Tips’, which provides support for establishing overseas corporations through overseas venture capital investment, and to operate an ‘overseas expansion-specific fund’ to invest in ventures and startups that have entered overseas markets.

In addition, the reform of the start-up and employment visa system, the establishment of a ‘Global Startup Center’ to provide comprehensive support for inbound start-ups and employment, and the establishment of ‘Space K’, an exchange channel for industry officials, were also proposed.

The President’s Office said that the discussants agreed on the need to promote the global expansion and inflow of ventures and startups and to create a startup ecosystem in which large corporations and startups cooperate for coexistence.

There were also opinions that the government’s continued efforts to improve regulations and promote private investment are needed to realize the start-up powerhouse.

(Source: Yonhap News / Translation of an article : Hyemin Moon from JT News)